Sally Ho's Technical Analysis 29 October 2019

Sally Ho's Technical Analysis 29 October 2019

Bitcoin

Bitcoin (BTC/USD) lost a little bit of ground early in today’s Asian session as the pair weakened to the 9180.59 area and has continued to be capped below the 9537 level for several trading sessions.  The pair’s market bias remained neutral-to-positive following moves during yesterday’s European session when the pair tested and bounced higher from the 9300.00 figure, just below the 9301.26 area that represents the 38.2% retracement of the 7296.44 – 10540.49 area.  During yesterday’s North American session, the markets moved decisively below two important price levels, namely the 9307.67 area that represents the 61.8% retracement of the move from 8917.00 to 9939.69, and also the 9300.14 area that represents the 23.6% retracement of the move from 10540.49 to 8917.00.

Traders are focusing on some upside price targets including the 9728, 9920, and 10157 areas.  If BTC/USD is able to reclaim and move above the 9301 area, traders will keep their attention focused on the 9774 level, an important one ahead of the psychologically-important 10000 figure.  The 50-bar MA (hourly) has caught up with price activity for the first time since 8 October, and continues to trade above its 100-bar MA (hourly), 200-bar MA (hourly), 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 8,478.82 and the 50-bar MA (Hourly) at 9,345.95.

Technical Support is expected around 8918.47/ 8535.67/ 8062.04 with Stops expected below.

Technical Resistance is expected around 9774.89/ 10540.49/ 10939.34 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) was a little stronger early in today’s Asian session as the pair moved higher to the 183.21 level after finding a floor around the 181.00 figure during yesterday’s North American session.Price activity has been capped around the 185.47 level for a few sessions, representing the 38.2% retracement of the 239.45 – 152.11 area.  Following the pair’s recent peak to the 199.50 area and subsequent decline to the 173.86 level, prices have been capped around the 189.71 area, representing the 61.8% retracement of that range.  Likewise, some technical Support has been derived since then around the 180.77 area, representing the 61.8% retracement of the same range.  Chartists are curious to see how price activity behaves around the 176.25 area, representing the 50% retracement of the 153.00 – 199.50 range

Market sentiment appears to be neutral-to-positive following the pair’s recent surge to near the psychologically-important 200.00 figure.  Price activity has been orbiting the 50-bar MA (hourly) and remains above the 100-bar MA (hourly) and 200-bar MA (hourly).  Also, the 50-bar MA (4-hourly) is converging with the 100-bar MA (4-hourly) and 200-bar MA (4-hourly), and a bullish crossover could lead to additional price gains.  Above current market activity, traders are eyeing price targets including the 193.45 area.  Below current market activity, traders are eyeing possible technical Support around the 170.76 area.

Price activity is nearest the 200-bar MA (4-hourly) at 176.41 and the 50-bar MA (Hourly) at 183.61.

Technical Support is expected around 165.25/ 157.49/ 146.00 with Stops expected below.

Technical Resistance is expected around 191.40/ 199.50/ 209.75 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.

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