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Sally Ho's Technical Analysis 25 May 2019

 
Sally Ho's Technical Analysis 25 May 2019
Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) reversed course early in today’s Asian session and found some Bids at 7970.00, right around the 76.4% retracement of the 8388.00 – 6600.00 range. During the pair’s move lower this week, traders managed to keep a floor under BTC/USD just below the 50% retracement of the same range. If BTC/USD is going to make meaningful advances on the upside, it will need to establish technical Support in the 7890 – 7990 range. Traders continue to eye the 8114.90 area on the upside, a level that it has tested within the previous 24 hours with Stops elected above.

Above current price activity, chartists continue to focus on upside targets including 8338.78 and 8488.00. Another interesting and important level is 9532.39, representing the 38.2% retracement of the range from 19891.99 – 3128.89. On the downside, if BTC/USD depreciates further past recent lows, traders will focus on the 7343.17 area, representing the 61.8% retracement of the 9948.12 – 3128.89 range.

Price activity is nearest the 50-bar MA (4-hourly) at 7758.88 and the 100-bar MA (Hourly) at 7889.43.

Technical Support is expected around 7659.87/ 7457.50/ 7256.13 with Stops expected below.

Technical Resistance is expected around 8114.90/ 8488.00/ 8678.17 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) gained some ground during today’s Asian session, trading as high as the 253.62 area and finding some buying demand around the 248.43 area. The pair traded as low as the 246.88 area during yesterday’s North American session, representing the exact 38.2% retracement of the move from 515.88 to 80.60. This level was also just below the 50-bar MA (4-hourly) and price activity has managed to remain above this indicator since then.

One primary hurdle for ETH/USD remains the 257.22 level, representing the 23.6% retracement of the move from 829.87 to 80.60 and above which some chunky Stops are likely to be in place. Above that area, there is some technical Resistance around the 258 – 259 area. The 264.77 area represents a recent high from 19 May and the 267.87 and 272.56 areas also represent key areas of technical Resistance.

Price activity is nearest the 50-bar MA (4-hourly) at 247.31 and the 100-bar MA (Hourly) at 249.58.

Technical Support is expected around 248.88/ 231.12/ 219.53 with Stops expected below.

Technical Resistance is expected around 259.27/ 272.56/ 281.77 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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