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Sally Ho's Technical Analysis 25 September 2019

Sally Ho's Technical Analysis 25 September 2019

Bitcoin

Bitcoin (BTC/USD) saw ongoing weakness in today’s Asian session after suffering a massive depreciation late in yesterday’s North American session to the 8159.35 area, below the 8203 area that represents the 61.8% retracement of the move from 4702.53 to 13868.44Stops were elected at many critical levels during the downturn including the 9532.29 area, representing the 38.2% retracement of the 19891.99 – 3128.89 range. Stops were also triggered below some historical technical areas around the 9071 and 8929 levels and the move hastened below the 8488 and 8340 levels.

Another important level that saw Stops triggered below it was the 8338.78 area, representing the 76.4% retracement of the 9948.12 – 3128.89 range.  The short-term market bias for BTC/USD is now clearly lower and chartists are observing a number of downside price objectives including the 8050 and 7508 areas.  Technical Support is anticipated between the 7223 and 7344 areas with additional buying demand expected between the 7084 and 7147 area. Above the market, traders will be very curious to see how the pair trades around the 9221 and 9549 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 9,943.04 and the 50-bar MA (Hourly) at 9,599.13.

Technical Support is expected around 8,055.91/ 7,508.77/ 7,223.25 with Stops expected below.

Technical Resistance is expected around 9,071.00/ 9,651.00/ 10,097.80 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.

 

Ethereum

Ethereum (ETH/USD) extended recent losses early in today’s Asian session after the pair depreciated sharply to the 157.75 area during yesterday’s North American session following a steady decline from the 210.52 area late in Monday’s North American session.  Some Bids emerged during yesterday’s European session around the 197.56 area, right around the 76.4% retracement of the 146.00 – 364.49 range.  Those Bids gave way after a few hours and traders then triggered Stops below the 100-bar MA (4-hourly) and the 191.40 area, representing the 50% retracement of the 173.70 – 224.71 range.

Yesterday’s intraday low was right around a relative historical low from 5 May 2019. If Stops are reached below the 157.39 area, it will open up the 148.91 area with some additional buying pressure anticipated between the 146.00 and 147.60 areas.  Additional downside price objectives include the 136.34 and 132.90 areas, with the latter representing the 23.6% retracement of the 302.20 – 80.60 range.  During retracements higher, traders will look to see how ETH/USD trades around the 183.33 and 191.23 areas.

Price activity is nearest the 200-bar MA (4-hourly) at 186.90 and the 50-bar MA (Hourly) at 196.65.

Technical Support is expected around 157.39/ 148.91/ 136.34 with Stops expected below.

Technical Resistance is expected around 183.33/ 191.23/ 199.13 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.

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