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Sally Ho's Technical Analysis 2 October 2019

 
Sally Ho's Technical Analysis 2 October 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) continued to trade a key technical level early in today’s Asian session as traders reacted to the 8474.00 area, a level that represents the 23.6% retracement of the 10939.34 – 7712.45 range.  The pair topped out around the 8535.00 area during yesterday’s North American session after the pair’s upward trajectory became evident during yesterday’s Asian session when Bids emerged around the 8188.00 area, representing the 61.8% retracement of the move from 4702.53 – 13868.44.  The pair’s ascent yesterday saw BTC/USD test the 50-bar MA (4-hourly), the latest indication of its short-term strength as traders seek to reclaim some of last week’s lost ground following the bruising depreciation below the psychologically-important 10000 figure.

Another important technical range that traders are observing is the depreciation from the 8995.00 – 7712.45 range.  Given the pair’s recent trading activity around the 8015 and 8202 areas, traders are observing the 8692 area as another near-term upside price objective, representing the 76.4% retracement of this range.  If the upward trajectory of BTC/USD continues and the 8995 area is taken out, traders will focus on significant Offers that are likely in place between 9285 and 9325.  Above that area, chartists are observing some upside price objectives around the 9391, 9430, 9470, and 9532 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 8,356.82 and the 50-bar MA (Hourly) at 8,221.67.

Technical Support is expected around 7,712.45/ 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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

 

Ethereum

Ethereum (ETH/USD) slumped lower early in today’s Asian session as the pair traded as low as the 174.15 area after topping out around the 185.89 area during yesterday’s North American session. The pair continued its move higher from the 165.20 area this week early in yesterday’s Asian session as traders set their sights on the 188.41 area, representing the 50% retracement of the recent 224.71 – 152.11 range.  Stops were elected above the 179.84 area late in Monday’s North American session, representing the 38.2% retracement of the aforementioned range.  If ETH/USD is able to eclipse the 188.41 area and build a constructive base above the 200-bar MA (4-hourly), traders will see if the 100-bar MA (4-hourly) can be tested.

Above that area, the 196.98 area represents the 61.8% retracement of the aforementioned range, and the 207.58 level represents the 76.4% retracement of the same range.  Important levels from residual trading ranges include the 181.95 and 191.40 areas, along with the 197.56 area. Price activity is now above the 200-bar MA (hourly) and remains well above the 100-bar MA (hourly).  Below current market activity, traders will be curious to see how ETH/USD trades around the 177.24 and 171.31 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 173.79 and the 50-bar MA (Hourly) at 176.26.

Technical Support is expected around 167.80/ 155.50/ 147.60 with Stops expected below.

Technical Resistance is expected around 188.38/ 191.40/ 201.38 with Stops expected above.

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

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

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