Sally Ho's Technical Analysis 26 August 2019

Bitcoin

Bitcoin (BTC/USD) moved sharply higher early in today’s Asian session as traders pushed the pair to the 10,680.00 level, its strongest print since 20 August.  Stops were elected above several key levels, including the 10,367.06 area, representing the 38.2% retracement of the move from 4,702.53 to 13,868.44 and one that had proven to be tough technical Resistance over the most recent trading sessions.  Traders also triggered Stops above the 100-bar MA (4-hourly), the pair’s first move above this level since 13 August.

The pair bounced higher just above the 9,938.16 area over the weekend, a level that represents the 76.4% retracement of the move from 9,759.00 to 10,478.00.  This bounce made it evident that the pair would encounter buying pressure and chartists were curious if it was sufficient buying pressure to propel the pair high enough to test the 50-bar MA (4-hourly), another area it easily absorbed. If BTC/USD is to appreciate and go on to test the psychologically-important 11,000 figure in the short-term, it will need to make a decisive break above 100-bar MA (4-hourly) and 200-bar MA (4-hourly), with the former currently indicating around the 10,590 area. Offers are expected between the 10,810 and 10,955 areas.

Price activity is nearest the 100-bar MA (4-hourly) at 10,590.17 and the 200-bar MA (Hourly) at 10,301.01.

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

Technical Resistance is expected around 11,136.82/ 11,262.06/ 11,510.44 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.

Ethereum

Ethereum (ETH/USD) launched higher early in today’s Asian session as the pair traded as high as the 194.28 area after finding Bids around the 182.04 area during yesterday’s North American session, a level that is right around the 76.4% retracement of the move from 148.81 to 288.77.  Stops were elected above the 50-bar MA (4-hourly) during the move higher, and technicians are wondering if the pair has the power to test the 100-bar MA (4-hourly), currently indicating around the 195.95 level.

Some additional Stops were elected above the 192.73 area during today’s early appreciation, representing the 23.6% retracement of the move from 180.00 to 196.66, and an area that was problematic for traders during yesterday’s European session.  If traders are to cover more upward ground, the 197.56 area is an important one that represents the 76.4% retracement of the move from 146.00 to 364.99.  A break of the psychologically-important 200.00 figure will again spotlight the 202.27 area, one that was very technically significant earlier this month.

Price activity is nearest the 50-bar MA (4-hourly) at 191.78 and the 200-bar MA (Hourly) at 191.62.

Technical Support is expected around 183.93/ 181.84/ 178.47 with Stops expected below.

Technical Resistance is expected around 206.18/ 209.75/ 217.55 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.