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Sally Ho's Technical Analysis 11 August 2019

 
Sally Ho's Technical Analysis 11 August 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) continued to search for direction early in today’s Asian session as traders continue to keep the pair confined to a relatively tight rangeBTC bulls continue to eye the psychologically-important 12,000 figure, especially after several recent tests of the technically-important 11,978.03 area, representing the 38.2% retracement of the move from 8,919.72 to 13,868.44. BTC bears continue to find headwinds around the 11,439 and 11,394 areas, both of which represent important technical levels. Additionally, the 50-bar MA (4-hourly) is now indicating around the 11,415.93 level.

Below these areas, Bids appear to be stronger around the 11,136.82 area, representing the 50% retracement of the move from 13,202.63 to 9,071.00. A couple of additional technical levels are limiting BTC/USD’s ability to react to new sentiment. On the upside, the 12,052.92 area has been tested multiple times and represents the 76.4% retracement of the move from 12,320.40 to 11,187.00. On the downside, the 11,454.48 level has been tested a couple of times and represents the 23.6% retracement of the same range. Chartists also continue to eye the 11,950.79 level, representing the 76.4% retracement of the move from 13,204.24 to 7,893.01.

Price activity is nearest the 50-bar MA (4-hourly) at 11,415.93 and the 50-bar MA (Hourly) at 11,795.93.

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 Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) continued to orbit the technically-significant 209.75 level early in today’s Asian session as traders continue to reprice risk following the pair’s depreciation from the 239.45 level last week.  Following last week’s depreciation, Bids emerged around the 206.50 level, just above the 76.4% retracement of the move from 157.28 to 364.49. A couple of notable technical levels have emerged over the last few trading sessions. The 224.59 level represents the 23.6% retracement of the move from 239.45 to 220.00

Also, the 223.22 level represents the 38.2% retracement of the move from 197.00 to 239.45.  Given the pair’s recent move lower, it will become increasingly difficult for ETH/USD Bulls to push the pair higher. The 100-bar MA (4-hourly) is now indicating around the 217.92 level and the 50-bar MA (4-hourly) is now indicating around the 222.17 area.  If sentiment continues to weaken for ETH/USD, traders are observing technical Support around the 202 and 197 areas, with stronger Bids expected around the 191.40 level.

Price activity is nearest the 100-bar MA (4-hourly) at 217.92 and the 50-bar MA (Hourly) at 215.19.

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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