Sally Ho's Technical Analysis 30 November 2019

Bitcoin

Bitcoin (BTC/USD) extended recent gains early in today’s Asian session as the pair traded as high as the 7762.31 area following a move to the 7870.10 area during yesterday’s North American session.  Chartists are observing that the 7870 area is a technical exhaustion point and many traders expect the pair could be capped below the 7905 area for a while.  Some technicians are noting that the pair’s trading activity around the 7370.62 area late this week could eventually lead to a test of some upside levels with the 8304, 8723, 9242, and 10081 levels being upside price objective targets.  Below current market activity, traders are carefully monitoring price activity around the 7473.42 area, a level that represents the 23.6% retracement of the move from 10540.49 to 6526.  Stops were elected above this level during Wednesday’s North American session when the pair tested this area for the first time since the recent rapid depreciation.

Prior to that move, the market found good demand around the 6850.00 level, just above the 6841.36 area that represents the 76.4% retracement of the 4670.69 – 13868.44 range.  Some technicians speculate that buying activity could represent a key reversal that leads to additional price appreciation.  Chartists also note that price activity has recently tested the 100-bar MA (4-hourly) and that 50-bar MA (hourly) has just crossed above 200-bar MA (hourly). Also, 100-bar MA (hourly) has just crossed above 200-bar MA (hourly) and this suggests the pair’s short-term market bias is becoming more bullish.  Above current market activity, the 8059.54 area represents the 38.2% retracement of the aforementioned 10540.49 – 6526 range.

Price activity is nearest the 100-bar MA (4-hourly) at 7,827.45 and the 50-bar MA (Hourly) at 7,579.56.

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

Technical Resistance is expected around 7870.10/ 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 Bullishly above MACDAverage.

Ethereum

Ethereum (ETH/USD) extended recent gains early in today’s Asian session as the pair traded as high as the 155.25 level after trading as high as the 157.73 area in yesterday’s North American session.  Some Stops were elected above the 156.99 area during the pair’s ascent today, representing a downside price objective target related to the recent high of 199.50.  During the subsequent pullback, Bids emerged around the 152.10 area, an important level that represents another downside price objective target related to the recent 199.50 high. 

Many traders believe ETH/USD still has room to appreciate further with some eyeing the 161.40 and 170.55 areas as upside price objective targets.  Between those levels, however, traders anticipate some possible selling pressure around the 163.28 and 165.11 levels, both of which are also downside price objective targets related to the recent depreciation from the 199.50 level.  Chartists are also eyeing the 168.07 area as an interesting one that represented a downside price objective target during the pair’s recent decline and below which Stops were elected.  Longer-term traders are eyeing another upside price objective target around the 177.66 level, but ETH/USD Bulls will need to advance through some likely technical Resistance around the 171.67 and 175.49 areas first. 

Price activity is nearest the 50-bar MA (4-hourly) at 149.89 and the 100-bar MA (Hourly) at 150.48.

Technical Support is expected around 149.24/ 146.35/ 141.74 with Stops expected below.

Technical Resistance is expected around 160.15/ 163.28/ 168.07 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.