Sally Ho's Technical Analysis 9 August 2019

Bitcoin

Bitcoin (BTC/USD) continued to orbit some very important technical levels early in today’s Asian session as bulls contemplated a fresh assault on the psychologically-important 12,000 figure, while bears eyed a return to the 11,136.82 area, a level that represents the 50% retracement of the move from 13,202.63 to 9,071.00.  The pair is now trading 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 10,844.16 and the 50-bar MA (Hourly) at 11,734.23.

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) extended its recent run of sideways trading sessions early in today’s Asian session as traders searched for fresh market sentiment.  Traders have been reluctant to take the pair too far or below 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.

ETH/USD has been unable to sustain a move above the 235 area, an important technical level related to the pair’s depreciation from the 318.60 level. The importance of the 235 level was technically confirmed when the pair tested the 191.38 level on 16 July and 17 July, another important downside price extension objective. If ETH/USD is able to resume its upward trajectory and move above the 235 level, traders are eyeing the 254 area as another important upside target. If market sentiment becomes bearish, the 191 level may again be tested.

Price activity is nearest the 50-bar MA (4-hourly) at 221.50 and the 100-bar MA (Hourly) at 226.63.

Technical Support is expected around 217.55/ 209.75/ 197.56 with Stops expected below.

Technical Resistance is expected around 239.45/ 246.88/ 257.22 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.