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Sally Ho's Technical Analysis 24 July 2019

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

Bitcoin

Bitcoin (BTC/USD) depreciated early in today’s Asian session as traders drove the pair to the 9,606.00 area following some strong selling pressure that emerged around the 10,216.33 area.  Selling pressure intensified during yesterday’s Asian session after BTC/USD encountered technical Resistance around the 10,367.06 area, representing the 38.2% retracement of the move from 4,702.53 to 13,868.44. Offers then emerged around the 50-bar MA (4-hourly) and the pair was driven lower to the 9,948.12 area during yesterday’s session, a key historical technical level.

BTC/USD was unable to move back above the 10,234.22 area during a brief rebound and then Stops were elected below the 9,765.93 area, representing the 38.2% retracement of the move from 3,128.89 to 13,868.44.  Some Stops were also triggered below the 9,651.00 area during the move lower.  Short-term sentiment for BTC/USD has eroded and the pair’s most immediate downside challenge will be the 9,532.39 area, representing the 38.2% retracement of the move from 19,891.99 to 3,128.89.  Key technical areas below that area include the 9,470, 9,422, and 9,376 areas with additional technical Support expected around the 9,285 level.

Price activity is nearest the 50-bar MA (4-hourly) at 10,270.87 and the 50-bar MA (Hourly) at 10,225.49.

Technical Support is expected around 9,285.48/ 9,071.00/ 8,488.00 with Stops expected below.

Technical Resistance is expected around 10,234.22/ 10,508.20/ 10,958.60 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.

 

Ethereum

Ethereum (ETH/USD) came off early in today’s Asian session as the pair traded as low as the 200.50 area, its weakest print since 17 July, after traders were unable to push ETH/USD above the 218.79 area, representing the 50% retracement of the move from 148.81 to 288.77.  Stops were elected below the 202.27 area during the Asian session, representing the 61.8% retracement of the aforementioned range.  Prior to testing that area, Stops were triggered below another technical area, the 206.18 level.

ETH/USD has a negative short-term bias that is likely to result in additional selling pressure in the near-term. A couple of levels that ETH/USD bears may target include the 197.56 and 196.15 areas. Trading activity is now well below the 50-bar MA (4-hourly) which is currently indicating around the 218.59 area, and also below the 50-bar MA (hourly) which is currently indicating around the 216.56 area. Chartists are paying close attention to the 201.38 area, representing the 50% retracement of the 322.16 – 80.60 range and an area that was tested during today’s Asian session. Additionally, the 191.40 area is another important technical area.

Price activity is nearest the 50-bar MA (4-hourly) at 218.58 and the 50-bar MA (Hourly) at 216.55.

Technical Support is expected around 191.40/ 183.33/ 175.06 with Stops expected below.

Technical Resistance is expected around 217.55/ 229.46/ 242.85 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.

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