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Sally Ho's Technical Analysis 18 August 2019

 
Sally Ho's Technical Analysis 18 August 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) continued to hover around some key technical levels early in today’s Asian session as the pair continues to orbit the 10,367.06 area, representing the 38.2% retracement of the move from 4,702.53 to 13,868.44.  The pair did not really deviate from this area during yesterday’s Asian session or European session. The pair traded as low as the 9,470.00 level this week, its weakest print since late July and a level that is right around the 50% retracement of the move from 5,072.01 to 13,868.44. Given the pair’s recovery back above the psychologically-important 10,000 figure, its short-term bias is questionable.

Below current market activity, the 9,921, 9,758, and 9,689 areas were levels that traders challenged on the downside, triggering Stops below. Above current market activity, the 10,548.63 and 11,032.37 were originally downside price objectives that BTC/USD Bulls will attempt to test again. Chartists are observing the 50-bar MA (4-hourly) above current market activity, currently indicating around the 10,899.27 area. Upside price targets include the 10,810.13 and 11,136.02 levels.

Price activity is nearest the 200-bar MA (4-hourly) at 10,529.24 and the 100-bar MA (Hourly) at 10,337.96.

Technical Support is expected around 9,765.93/ 9,265.49/ 8,919.72 with Stops expected below.

Technical Resistance is expected around 10,638.50/ 10,810.13/ 11,136.82 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) continued to orbit a key technical level early in today’s Asian session as the pair continues to trade around the 183.33 area, representing the 23.6% retracement of the move from 515.88 to 80.60.  Notably, the pair traded as low as the 171.00 figure this week, its weakest showing since May and a level that was reached after the pair traded as high as the 216.58 area last weekend. Significant Stops were elected below the 195.31 and 189.05 areas during the pair’s move lower this week, both of which were downside price extension objectives related to the pair’s June high of 364.49.

ETH/USD also continues to closely trade around its 50-bar MA (hourly), currently indicating around the 184.95 area.  Technically, the pair must attempt to establish a base above this area and then target the 100-bar MA (hourly) and 200-bar MA (hourly), both of which are currently indicating around the 191.44 and 200.99 levels. One important level that traders are watching is the 165.25 area, a downside price extension objective. Additionally, the 157.28 area is another downside price extension objective that chartists are paying close attention to, given the pair’s ongoing weak sentiment.

Price activity is nearest the 50-bar MA (4-hourly) at 200.68 and the 50-bar MA (Hourly) at 184.95.

Technical Support is expected around 178.47/ 165.25/ 157.28 with Stops expected below.

Technical Resistance is expected around 197.56/ 206.18/ 217.55 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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