Sally Ho's Technical Analysis 29 November 2019

Bitcoin

Bitcoin (BTC/USD) climbed higher early in today’s Asian session as the pair tested the 7497.91 level after trading as low as the 7370.62 area earlier in the Asian session, down from the 7660.82 area in yesterday’s North American session.  Traders are paying attention to some short-term clues that have emerged following the pair’s recent plunge to the 6526.00 level.  The pair has managed to remain bid above the 6953.00 area following its shallow rebound to the 7379.99 area, and if the pair is going to recover, it needs to establish a constructive base around key areas of technical Support.  A much more important technical level that traders are watching is the 6841.36 area, representing the 76.4% retracement of the 4670.69 – 13868.44 range.  Many traders continue to speculate that BTC/USD will again challenge some of the recent lows that it established. 

One indication of its ongoing weakness and the bearish sentiment in the market relates to the market’s inability to move decisively above the 7473.42 area, representing the 23.6% retracement of the move from 10540.49 to 6526.00.  Below current market activity, BTC/USD Bears continue to speculate that selling pressure could resume, and a couple of important downside areas include the 6323 and 6038 levels.  Below those levels, traders are monitoring price activity around the 5808 and 5733 levels, with the 5733 area right around the 38.2% retracement of the 9948.12 – 3128.89 range.  Likewise, the 5663.42 area is also technically significant as it represents the 76.4% retracement of the move from 3128.89 to 13868.44. Below that area, the 4648 area is another downside price objective.

Price activity is nearest the 50-bar MA (4-hourly) at 7,325.37 and the 50-bar MA (Hourly) at 7,394.28.

Technical Support is expected around 6775.47/ 6653.57/ 6323.42 with Stops expected below.

Technical Resistance is expected around 7686.35/ 8062.04/ 8338.78 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) gained marginal ground early in today’s Asian session as the pair moved to the 153.06 area after trading as low as the 149.31 area earlier in the Asian session.  One particular trading level that traders are carefully watching is the 147.78 area, representing the 23.6% retracement of the recent move from 199.50 to 131.80.  The market has briefly traded above that level since establishing its recent multi-month low around the 131.80 area.  Notably, however, traders have stopped short of testing another important level, specifically the 153.73 area that represents the 23.6% retracement of the move from 224.71 to 131.80. 

Many longer-term traders will retain their Bearish outlook on ETH/USD as long as it continues to trade below some key technical levels, including the 175.88 area that represents the 23.6% retracement of the 318.60 – 131.80 range.  Similarly, the 186.71 area represents the 23.6% retracement of the 364.49 – 131.80 range and many traders believe ETH/USD will retain its negative sentiment as long as it continues to trade below this level.  Below current market activity, traders are eyeing the 127 area as a downside price objective, and Stops are likely in place below this level.  Above current market activity, the 152.10 and 155.35 areas could provide some selling pressure during a recovery.

Price activity is nearest the 50-bar MA (4-hourly) at 154.66 and the 200-bar MA (Hourly) at 154.87.

Technical Support is expected around 132.90/ 125.16/ 122.75 with Stops expected below.

Technical Resistance is expected around 155.89/ 165.62/ 176.25 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.