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Sally Ho's Technical Analysis 3 June 2019

 
Sally Ho's Technical Analysis 3 June 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) reversed course and moved higher early in today’s Asian session, trading as high as the 8760.00 area after trading as low as the 8610.26 area during yesterday’s North American session. Notably, yesterday’s daily high was around the 8834.00 level, just above the 76.4% retracement of the move from 9090.00 to 7972.00. Early in today’s Asian session, buying demand emerged just below the 61.8% retracement of the same range.

Technically, the pair needs to establish a base above the 8707.00 area if it is going to sustain some upside gains, representing the 23.6% retracement of the move from 7467.10 to 9090.00. The pair continues to trade above the 50-bar MA (4-hourly) and a bullish signal became evident yesterday when the 50-bar MA (hourly) crossed above the 200-bar MA (hourly), preceding the 50-bar MA (hourly) crossing above the 100-bar MA (hourly). Above current price activity, traders continue to focus on levels including 9405/ 9532/ 9647. Above the psychologically-important 10,000 figure, the 10,271 area represents an important upside price objective.

Price activity is nearest the 50-bar MA (4-hourly) at 8557.43 and the 50-bar MA (Hourly) at 8607.32.

Technical Support is expected around 8399.08/ 8235.08/ 7850.10 with Stops expected below.

Technical Resistance is expected around 9090.00/ 9532.02/ 9948.12 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) appreciated early in today’s Asian session, trading as high as the 271.15 area after falling to the 266.12 area during yesterday’s North American session. During yesterday’s action, the pair climbed as high as the 274.75 area, just below the 23.6% retracement of the move from 231.12 to 288.77. The pair also came close to testing its 50-bar MA (4-hourly) multiple times yesterday, just below a series of intraday lows. Late in yesterday’s North American session, the 50-bar MA (hourly) crossed above the 100-bar MA (hourly), a bullish signal that could result in additional price appreciation.

ETH/USD needs to establish a base above the 272.56 area if it is going to make some progress to the upside, as this level represents the 23.6% retracement of the move from 894.00 to 80.60. A similar interesting level is the 257.22 area, representing the 23.6% retracement of the 828.9880.60 range. These longer-term ranges should be watched closely and if ETH/USD is unable to remain above these areas, additional selling pressure may ensue. Chartists are eyeing some Stops below the 265.66 area with some technical Support seen around the 253255 range. Additionally, the 244 area is also of extreme technical significance.

Price activity is nearest the 50-bar MA (4-hourly) at 266.53 and the 200-bar MA (Hourly) at 265.82.

Technical Support is expected around 257.22/ 244.96/ 235.44 with Stops expected below.

Technical Resistance is expected around 276.18/ 289.64/ 298.24 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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