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Sally Ho's Technical Analysis 24 June 2019

 
Sally Ho's Technical Analysis 24 June 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) resumed its upward trajectory early in today’s Asian session as the pair moved higher to the 11284.44 area, triggering Stops above yesterday’s then-2019 high of 11215.89. Selling pressure emerged during yesterday’s Asian session right around the 10894.17 area, representing the 61.8% retracement of the move from 11215.89 to 10373.68. Stops were then elected during yesterday’s European session below the 10572.44 area, representing the 23.6% retracement of the aforementioned range. Bids then emerged during yesterday’s North American session and this led to some early demand during today’s Asian session.

Market activity was relatively cautious, however, after the 11284.44 level was tested, and price activity quickly fell below the 11000 figure. Chartists continue to eye the 11510.44 area, representing the 50% retracement of the move from 19891.99 to 3128.89.  It may take some serious conviction on the part of traders to test this area, and it is extremely likely that there are many Stops in place above this area. Traders also need to determine if they will attempt to form a constructive base around the 11116.83 area, an upside extension price objective relating to the low of 7508.77 on 10 June. Above this area, the 11969 level is an important area and upside price objective.  Below current market activity, the 10338 and 10067 areas represent technical Support, as does the 9796 area.

Price activity is nearest the 50-bar MA (4-hourly) at 9637.74 and the 50-bar MA (Hourly) at 10688.99.

Technical Support is expected around 10338.75/ 10067.81/ 9796.86 with Stops expected below.

Technical Resistance is expected around 11510.44/ 11969.22/ 13347.06 with Stops expected above.

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

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

 

Ethereum

Ethereum (ETH/USD) added to recent gains early in today’s Asian session as the pair climbed to the 318.00 figure, a fresh 2019 high, before some selling pressure emerged and knocked the pair lower to the 305.00 figure, just above the 23.6% retracement of the move from 261.00 to 318.00. Stops were reached above the 314.00 figure during the pair’s recent move higher, as this level represents the 50% retracement of the move from 547.40 to 80.60. Technicians are waiting to see what happens with price activity around the 302.20 area, a previous relative high from 1 September 2018.

Some minor Stops were elected above the 316.62 area late in yesterday’s North American session, representing an upside extension price objective. Above current market activity, the 337 level is an important upside price extension objective related to the same base of 226.35. Below current market activity, chartists are anticipating Bids around the 294 – 298 range, levels that is also related to the recent base of 226.35. Some additional technical Support is anticipated around the 281.84 area, and additional buying pressure is expected between the 271 – 275 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 281.02 and the 50-bar MA (Hourly) at 307.78.

Technical Support is expected around 282.63/ 278.50 / 274.37 with Stops expected below.

Technical Resistance is expected around 318.00/ 337.33/ 349.60 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above 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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