Today's Hot Topics

Sally Ho's Technical Analysis 5 June 2019

 
Sally Ho's Technical Analysis 5 June 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) gained some ground early in today’s Asian session as the pair moved higher to the 7792.82 area after finding a floor around the 7427.00 area late in yesterday’s North American session. Some clues emerged during yesterday’s European session after the pair struggled for hours to move back above the 7972.00 area, a support level from 30 May that served as technical Resistance yesterday. Some minor Stops were elected when the pair briefly moved above the level, but traders were able to decisively push the market below the 7724.78 area, representing the 38.2% retracement of the move from 5516.12 to 9090.00.

During the move lower, some additional Stops were reached below the 7551.18 area and traders then tested the 7515.25 area, representing the 38.2% retracement of the 4967.61 – 9090.00 range. Bears then pushed the pair below technical Support around the 7467.10 area and hit some Stops below the 200-bar MA (4-hourly) around the 7471.17 level. Below current price activity, chartists are focusing on the 7303.06 area, representing the 50% retracement of the 5516.12 – 9090.00 range, with the 6881.34 area representing the 61.8% retracement of the same range. Other relevant levels include 7223/ 7187/ 7084/ 7028.

Price activity is nearest the 200-bar MA (4-hourly) at 7482.86 and the 50-bar MA (Hourly) at 8165.09.

Technical Support is expected around 7343.17/ 7187.64/ 6881.34 with Stops expected below.

Technical Resistance is expected around 8230.98/ 8566.38/ 8761.96 with Stops expected above.

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

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

 

Ethereum

Ethereum (ETH/USD) found some buying pressure early in today’s Asian session as traders pushed the pair as high as the 243.28 level after it depreciated to the 233.00 area late in yesterday’s North American session. The pair’s short-term upward bias was confirmed when some Bids were seen during a pullback just above the 239.64 area, representing the 23.6% retracement of the move from 80.60 to 288.77. During the move lower yesterday, technical Bids emerged right around the 236.89 area, representing the 23.6% retracement of the move from 281.89 to 222.99.

The pair was then unable to move back above the 250.99 area during a temporary consolidation higher, just below the 38.2% retracement of the move from 274.75 to 237.00.  Chartists are eyeing some important levels of technical Support below current price activity. These include the 200-bar MA (4-hourly), now indicating around the 226.61 area. Other important levels include the 231 and 223 areas and the 217.55 area represents the 61.8% retracement of the move from 302.20 to 80.60.

Price activity is nearest the 200-bar MA (4-hourly) at 226.61 and the 50-bar MA (Hourly) at 252.18.

Technical Support is expected around 231.12/ 223.08/ 217.39 with Stops expected below.

Technical Resistance is expected around 249.08/ 262.11/ 276.18 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

You can share this post!