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Sally Ho's Technical Analysis 10 August 2019

 
Sally Ho's Technical Analysis 10 August 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair climbed to the 11,945.00 area after finding technical Support around the 11,645.32 area during yesterday’s European and North American sessions, representing the 38.2% retracement of the move from 8,048.75 to 13,868.44.  Bulls continue to chip away at the 11,978.03 area, a level that has served as technical Resistance over the past several trading sessions with a little bit of trading activity above it. The pair continues to trade well above its 50-bar MA (4-hourly) and continues to oscillate above and below its 50-bar MA (hourly). The 11,950 level continues to draw serious interest from traders as it represents a downside price objective that developed when the pair descended from the 13,204 level in July.

BTC/USD bears are observing additional downside price objectives related to the depreciation from the 13,204 level, including 11,175 and 10,548. Chartists are observing a recent range that saw the pair trade between 12,320.40 and 11,187.00 and how price activity reacted at retracement levels related to that range. Offers emerged around the 12,052.92 area, representing the 76.4% retracement of the range, while Bids were seen around the 11,154.48 level, representing the 23.6% retracement of the range. Additional important upside price targets include the 12,367.56 and 12,873.12 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 11,327.19 and the 50-bar MA (Hourly) at 11,813.32.

Technical Support is expected around 11,175.35/ 10,688.61/ 10,271.87 with Stops expected below.

Technical Resistance is expected around 12,367.56/ 12,873.12/ 13,488.49 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) moderated early in today’s Asian session after the pair dipped lower and traded as low as the 206.50 area, right around the 76.4% retracement of the move from 157.28 to 364.49.  The pair continues to orbit the 209.75 level, representing the 23.6% retracement of the 627.83 – 80.60 range. Traders have been reluctant to take the pair too far above the 222.55 area, an important technical level that represents the 50% retracement of the 80.60 -364.49 range. Additionally, the 50-bar MA (4-hourly) and the 200-bar MA (4-hourly) have acted as technical Support and technical Resistance for most of the month of August.

If ETH/USD is able to resume its upward trajectory and move above the 222.55 level, traders are eyeing the 229.46 area as another important upside target. If market sentiment becomes bearish, the 191 level may again be tested. Before that level, the 202.27 and 197.56 levels are where many chartists expect Bids. The pair is now bearishly trading well below its 200-bar MA (hourly), 100-bar MA (hourly), and 50-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 217.98 and the 50-bar MA (Hourly) at 217.61.

Technical Support is expected around 202.27/ 197.56/ 191.40 with Stops expected below.

Technical Resistance is expected around 222.55/ 229.46/ 239.45with 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.

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