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Sally Ho's Technical Analysis 26 May 2019

 
Sally Ho's Technical Analysis 26 May 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) managed to remain above an important technical level through the middle of today’s Asian session as Bids continued to support the 7966.03 area, representing the 76.4% retracement of the 8388.00 – 6600.00 range. The pair has traded in a relatively narrow range since early yesterday, with technical Resistance preventing the pair from running too far above the 8114.90 area, representing the 76.4% retracement of the move from 8315.00 to 7467.10. Traders continue to deliberate whether the pair will develop an upward bias or a downward bias.

Notably, the 50-bar MA (4-hourly) is creeping up to market activity given the sideways market that has developed over the last couple of days, and is now indicating at 7856.62. Price activity has also just moved below the 50-bar MA (hourly), currently indicating around 8027.96.  Above the current range, upside targets remain 8338.78 and 8488.00 and the 9532.39 level represents the 38.2% retracement of the range from 19891.99 – 3128.89. Below the current range, traders are focused 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 7856.62 and the 100-bar MA (Hourly) at 8027.96.

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

Technical Resistance is expected around 8315.00/ 8488.00/ 8678.17 with Stops expected above.

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

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

 

Ethereum

Ethereum (ETH/USD) depreciated through the middle of the Asian session with the pair trading as low as the 246.69 area, right around the 38.2% retracement of the 515.88 – 80.60 range. Stops are expected below this area and if they are elected, they could open up a potential test of the technical Support seen around the 243 – 245 range. Technicians are focused on how price activity develops around the 249.90 area for a clue regarding price bias, as that areas represents the 76.4% retracement of the move from 302.20 to 80.60. If additional depreciation emerges, the 217.55 level becomes of interest to chartists, representing the 61.8% retracement of the same range.

Below current price activity, the 234.21 level is an important area of technical Support to monitor, representing the 38.2% retracement of the move from 157.28 to 281.77. Additional areas of technical Support related to longer-term ranges include 230.98 and 229.91.  ETH/USD Bears are also watching the 231.12 level on another downward move, representing a recent relative low dating to 23 May.

Price activity is nearest the 50-bar MA (4-hourly) at 249.17 and the 100-bar MA (Hourly) at 249.00.

Technical Support is expected around 243.82/ 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 Bearishly below MACDAverage.

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

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