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Sally Ho's Technical Analysis 30 October 2019

 
Sally Ho's Technical Analysis 30 October 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) rallied higher early in today’s Asian session as the pair climbed to the 9515.03 area after trading as low as the 9068.19 area during yesterday’s North American session.  Traders continue to keep BTC/USD above some important technical levels and this could lead to additional price gains. Over the weekend, technical Bids emerged around the 8917.00 area, right around the 50% retracement of the recent 7296.44 – 10540.49 range.  The pair bounced higher from this level and has since been orbiting a couple of additional price retracement levels related to this range, including 9301.26 and 9774.89

Another important range that chartists are carefully monitoring relates to the move from 10540.49 to 8917.00.  Some Bids have materialised around the 9300.14 area following last week’s spike, a level that represents the 23.6% retracement of that range.  The 9537.17, 9728.75, and 9920.32 areas are upside price targets related to that range, and price activity will need to absorb these areas if BTC/USD is able to challenge the psychologically-important 10000 figure.  Chartists are also anticipating some additional price gains given the fact the 50-bar MA (4-hourly) just crossed above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 8,619.35 and the 50-bar MA (Hourly) at 9,428.80.

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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

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

 

Ethereum

Ethereum (ETH/USD) extended recent gains early in today’s Asian session as the pair traded as high as 193.41 after finding Bids around the 184.03 area during yesterday’s North American session.  Traders have kept the pair around and above some important technical levels in recent trading sessions, including the 181.74 area that represents the 38.2% retracement of the 153.00 – 199.50 range.  Another important level related to that range is the 188.53 area, representing its 23.6% retracement level, and traders tested this level last weekend before absorbing it today.

Above current market activity, the 193.45 areas is an important upside target, representing the 61.8% and 76.4% retracements of the move from 199.50 – 173.86, and the market tested this level today. Above the psychologically-important 200.00 figure, the 202.38 area is another important area, as it represents the 61.8% retracement of the 148.91 – 288.87 range.  If the pair manages to eclipse that area, some selling pressure could emerge around the 206 level.  Below current market activity, some buying pressure could emerge around the 170 and 165 areas, with the 165.25 area representing the 38.2% retracement of the 302.20 – 80.60 range.

 

Price activity is nearest the 200-bar MA (4-hourly) at 177.07 and the 50-bar MA (Hourly) at 185.50.

Technical Support is expected around 187.15/ 181.00/ 175.04 with Stops expected below.

Technical Resistance is expected around 199.50/ 202.38/ 209.75 with Stops expected above.

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

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

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