Sally Ho's Technical Analysis 15 July 2019

Litecoin

Litecoin (LTC/USD) extended recent losses during yesterday’s North American session and traded below the 92.00 figure for the first time since 24 May. Stops were elected below the 95.86 area, representing the 61.8% retracement of the move from 64.86 to 146.00.  The pair’s next downside retracement level related to that range is the 84.01 area, and Stops are likely in place below this level as well. Price activity is approaching a couple of critical levels and if they are broken, bearish sentiment will likely continue.

The 88.68 area is the next immediate downside target and it represents the 23.6% retracement of the 304.00 – 22.17 range. Thereafter, the 84.09 area represents the 50% retracement of the move from 22.17 to 146.00. Technicians cite a flurry of Bids between the 83 and 87 areas, and below that range the 75.06 level will be closely watched as it represents the 50% retracement of the move from 127.95 to 22.17. The 62.58 area is the next relevant downside target in that range.

Price activity is nearest the 50-bar MA (4-hourly) at 111.05 and the 50-bar MA (Hourly) at 101.28.

Technical Support is expected around 83.36/ 75.06/ 69.47 with Stops expected below.

Technical Resistance is expected around 97.72/ 102.99/ 107.53 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.

Bitcoin Cash

Bitcoin Cash (BCH/USD) continued to glide lower and encountered additional selling pressure during yesterday’s North American session. The pair decisively moved below the 331.48 area, a level that had provided technical Support for several sessions, and represented the 50% retracement of the move from 590.81 to 72.15. Stops were elected below that area, pushing the pair as low as the 311.71 area before some Bids emerged.

The next downside level related to this range is the 270.27 area. Sentiment remains quite bearish as BCH/USD is trading below the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly). Price activity also remains well below the 50-bar MA (hourly), 100-bar (hourly), and 200-bar (hourly). Technicians are identifying some additional downside price extension targets and these include the 295 and 254 areas. Their relevance was confirmed after Stops were elected below the 320.87 area on 11 July. 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 289.18/ 275.42/ 262.40 with Stops expected below.

Technical Resistance is expected around 331.45/ 341.50/ 355.89 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.