Sally Ho's Technical Analysis 29 August 2019

Bitcoin

Bitcoin (BTC/USD) was relatively quiet early in today’s Asian session following its massive depreciation late in the North American session that saw the pair decline below the psychologically-important 10,000 figure and reach the 9522.93 area, just below the 38.2% retracement of the 19,891.99 – 3128.89 range. The technical Bids that emerged around yesterday’s daily low pushed the pair back to the 9749.40 area, shy of the 9765.83 that remains a technical level.  The move lower also pushed the pair further below the 50-bar MA (4-hourly) and 50-bar MA (hourly).

Stops were elected below the 9880.59 area during the move lower in BTC/USD, a level that had served as technical Support in recent trading sessions and one that represents the 61.8% retracement of the move from 7427.00 to 13,850.00.  One area traders are now focusing on is the 9689 area, a downside price objective target relating to a recent high around 13,202 on 10 July. Other similar areas include 9758 and 9921 and chartists observing current price activity expect the markets may orbit these levels in the near-term.

Price activity is nearest the 50-bar MA (4-hourly) at 10,155.34 and the 50-bar MA (Hourly) at 10,076.58.

Technical Support is expected around 9,265.49/ 8,919.72/ 8,488.00 with Stops expected below.

Technical Resistance is expected around 9,964.93/ 10,101.47/ 10,238.00 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) continued its recent weakness early in today’s Asian session as the pair traded as low as the 165.90 area following its dive from the 187.92 area during yesterday’s North American session.  The pair was unable to again test the 50-bar MA (4-hourly) before its significant plunge, an indication of additional short-term bearishness ahead.  Some sizable Stops were reached below the 175.06 area and the 172.88 area, both of which are retracement areas. Traders were also able to elect Stops below the 167.80 area, representing the 50% retracement of the move from 255.00 to 80.60.

ETH/USD found some technical Bids above the 165.25 area, a level that represents the 38.2% retracement of the 302.20 – 80.60 range. Stops were also triggered below the 183.84 area, a downside price extension objective related to a relative recent high of 318.60 reached on 8 July. Another major downside level for ETH/USD is the 152.08 area, followed by another downside target around the 142.22 area. Market sentiment is likely to remain Bearish in the short-term.

Price activity is nearest the 50-bar MA (4-hourly) at 187.82 and the 50-bar MA (Hourly) at 183.81.

Technical Support is expected around 165.25/ 152.08/ 142.22 with Stops expected below.

Technical Resistance is expected around 178.77/ 181.84/ 187.46 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.