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Sally Ho's Technical Analysis 9 October 2019

 
Sally Ho's Technical Analysis 9 October 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) appreciated marginally early in today’s Asian session, reaching the 8210.00 figure after trading as low as the 8107.26 area late in yesterday’s North American session.  Bids emerged around the 50-bar MA (4-hourly) early in the Asian session, then indicating around the 8177.24 area, and this contributed to short-term positive sentimentBTC/USD Bears are eyeing the 8225.12 area as an upside challenge that could cap some short-term gains, representing the 50% retracement of the recent 8342.97 – 8107.26 range.

Price activity has managed to remain above the 50-bar MA (hourly), contributing to some short-term bullish sentiment, and the 50-bar MA (hourly) recently crossed above the 100-bar MA (hourly), another bullish development.  The 200-bar MA (hourly) is still trading above both the 50-bar MA (hourly) and 100-bar MA (hourly), but if either is able to cross above the 200-bar MA (hourly), it will also be a positive technical development. Above current market activity, traders are monitoring the 8252.93 and 8287.34 areas as areas of potential technical Resistance. Below current market activity, traders are monitoring the 8052.66, 7984.15, and 7899.38 areas as areas of potential technical Support.

Price activity is nearest the 50-bar MA (4-hourly) at 8,176.38 and the 200-bar MA (Hourly) at 8,172.63.

Technical Support is expected around 7,712.45/ 7,508.77/ 7,223.25 with Stops expected below.

Technical Resistance is expected around 8,488.00/ 9,071.00/ 9,651.00 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) was lifted higher early in today’s Asian session as the pair traded as high as the 182.54 area after trading as low as the 177.42 level late in yesterday’s North American session.  Some minor Stops were elected above the 182.29 area during today’s early ascent higher, representing the 61.8% retracement of the 185.30 – 177.42 range.  The 181.36 area represents the 50% retracement of the same range and was toppish late in yesterday’s North American session. 

If ETH/USD is able to continue its upward momentum, the 183.44 area will be technically relevant as the 76.4% retracement of the aforementioned range, given the significance of the other retracement levels in this range.  Above that level, the 200-bar MA (4-hourly) is currently indicating around the 184.16 area and additional upside price objectives include the 187.41 and 188.34 areas. Notably, the 191.40 area represents the 50% retracement of the 302.20 – 80.60 range. Below current market activity, the 175.82 and 173.44 areas represent areas of possible technical Support.

Price activity is nearest the 200-bar MA (4-hourly) at 184.16 and the 50-bar MA (Hourly) at 178.40.

Technical Support is expected around 176.40/ 170.95/ 165.01 with Stops expected below.

Technical Resistance is expected around 185.89/ 188.38/ 191.40 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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