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Sally Ho's Technical Analysis 16 November 2019

 
Sally Ho's Technical Analysis 16 November 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) traded as low as the 8423.00 level early in today’s Asian session after traders pushed the pair as low as the 8361.00 area during yesterday’s North American session, its weakest print since 25 OctoberStops were elected below the 8535.67 area during the spin lower, representing the 61.8% retracement of the 7296.44 – 10540.49 rangeMarket sentiment continues to steadily erode following the pair’s spike to the 10540.49 area on 26 October, with price activity having traded as low as the 8490.01 prior to the later decline. This is an important technical development because this level is the below the 8535.67 area, representing the 61.8% retracement of the late-October rally from 7296.44 to 10540.49.  The pair’s continued depreciation has seen it trade below the 200-bar MA (4-hourly).

The 100-bar MA (4-hourly) has recently crossed above the 50-bar MA (4-hourly) and this has coincided with additional price depreciation. Chartists are noting it appears the 50-bar MA (4-hourly) is Bearishly converging with the 200-bar MA (4-hourly).  Many traders are not surprised that buying pressure emerged around the 8490 area during yesterday’s Asian session given the historical relevance of the 8488.00 area as a floor.  Below current market activity, traders cite the 8338.78 area as an important one, representing the 76.4% retracement of the 9948.12 – 3128.89 range

Price activity is nearest the 200-bar MA (4-hourly) at 8,691.48 and the 50-bar MA (Hourly) at 8,587.80.

Technical Support is expected around 8338.78/ 8062.04/ 7343.17 with Stops expected below.

Technical Resistance is expected around 9130.00/ 9378.16/ 9774.89 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 lifted back to the 180.31 level early in today’s Asian session after the pair traded as low as the 177.00 area during yesterday’s North American session, its weakest showing since 26 October.  Chartists are looking for clues that the pair’s market bias could be eroding and have noted the pair has recently traded below the 181.74 area, an important technical development as it represents the 38.2% retracement of the 153.00 – 199.50 range.  The next major level on the downside related to that range is the 176.25 area, representing the 50% retracement of the move higher and below that area, the 170.76 area represents the 61.8% retracement of the range.

Market technicians have noted the Bearish convergence of the 50-bar MA (4-hourly) and 100-bar MA (4-hourly), and have also noted that the 200-bar MA (hourly) has recently crossed above the 100-bar MA (hourly), another Bearish development that will likely result in at least some short-term downside direction for the pair.  The buying pressure that emerged around the 180.30 level yesterday was important given the technical relevance of the 180.43 area as the 38.2% retracement of the 152.11 – 197.93 area.  Traders anticipate some additional potential buying pressure between the 178.40 – 179.85 range.

Price activity is nearest the 200-bar MA (4-hourly) at 180.75 and the 50-bar MA (Hourly) at 183.12.

Technical Support is expected around 176.25/ 175.02/ 170.76 with Stops expected below.

Technical Resistance is expected around 187.66/ 191.32/ 194.60 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 Bullishly above MACDAverage.

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