Today's Hot Topics

Advertisement

Sally Ho's Technical Analysis 12 July 2019

 
Sally Ho's Technical Analysis 12 July 2019
Breaking News / Bitcoin Cash / Analytics / Litecoin

Litecoin

Litecoin (LTC/USD) has shed a significant amount of ground this week, cratering to the 95.25 area during Thursday’s European session after declining to 102.50 level during Wednesday’s North American session, its weakest showing since early June. Stops were elected this week below the 109.93 area, representing the 38.2% retracement of the 251.90 – 22.17 range. During the massive decline on Wednesday, the price cratered to just below the 102.99 area, representing the 76.4% retracement of the move from 127.95 to 22.17.  During yesterday’s move, LTC/USD tested and then traded below the 95.86 area, representing the 61.8% retracement of the move from 64.86 to 146.00.

Chartists are carefully monitoring the 98.70 area, representing the 38.2% retracement of the 22.17 – 146.00 range, to see if it emerges as technical Support.  The next downside retracement level related to this range is the 84.09 area. The 200-bar MA (4-hourly) has recently crossed above the 100-bar MA (4-hourly) and both remain above the 50-bar MA (4-hourly). Earlier this week, price activity tested the 100-bar MA (4-hourly) when it was indicating around the 125.33 area before moving lower. Below current market activity, Bids are expected between the 95 and 98 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 117.90 and the 50-bar MA (Hourly) at 112.39.

Technical Support is expected around 95.86/ 88.68/ 83.36 with Stops expected below.

Technical Resistance is expected around 112.72/ 116.78/ 121.16 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Bitcoin Cash

Bitcoin Cash (BCH/USD) continues to try to stabilise following more selling pressure yesterday down to 311.51 that added to its significant sell-off on Wednesday that saw the pair weaken to the 380.00 figure after running out of upside momentum around the 423.82 area. The pair has been capped below the 100-bar MA (4-hourly) all week, and is now trading below the 50-bar MA (hourly), 100-bar MA (hourly), and the 200-bar MA (hourly).  Prior to this week’s downturn, the 412.31 area had been providing some technical Support. A major technical Support level was breached during yesterday’s action when the 341.50 area gave way, representing the 23.6% retracement of the move from 1209.99 to 73.22.

Stops were elected below the 400.51 level during the pair’s rapid depreciation mid-week, representing the 38.2% retracement of the move from 929.99 to 73.22. BCH/USD’s inability to remain above the 422.59 level this week was technically-relevant, as it represents the 61.8% retracement of the move from 638.55 to 73.22. Technicians cite 289.18 as another major downside level, representing the 38.2% retracement of the move from 638.55 to 73.22.

Price activity is nearest the 50-bar MA (4-hourly) at 404.52 and the 50-bar MA (Hourly) at 393.13.

Technical Support is expected around 311.51/ 289.18/ 262.40 with Stops expected below.

Technical Resistance is expected around 362.53/ 381.39/ 394.04 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.

You can share this post!