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Sally Ho's Technical Analysis 2 December 2019 BTC ETH

 
Sally Ho's Technical Analysis 2 December 2019 BTC ETH
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair gained ground to the 7448.00 level after trading as low as the 7237.16 level during yesterday’s European session.  Market sentiment has improved over recent days following the pair’s climb higher from the 6526.00 level. Notably, the pair has recently traded above the 7568.81 area, representing the 23.6% retracement of the move from 10944.67 to 6526.00.  During Friday’s North American session, the pair stopped just short of testing the 7893.48 area, representing the 23.6% retracement of the depreciation from 12320.40 to 6526.00.  Two similar levels include the 8101.68 and 8258.82 areas, related to the depreciations from the 13202.63 and 13868.44 levels.

The improving market sentiment has traders focused on some important upside price objective targets around levels including the 8304.27, 8723.78, and 9242.83 areas.  Technicians are waiting to see if the pair can establish a base around the 7594.48, a level that was recently breached and represents a downside price objective related to the depreciation from the 10540.49 area.  Above that level, the 8289 area will be closely watched by traders, as it also represents a downside price objective related to the depreciation from the 10540.49 area. The technical significance of this level was confirmed when significant Stops were elected below the level on 18 November

Price activity is nearest the 50-bar MA (4-hourly) at 7,339.46 and the 200-bar MA (Hourly) at 7,330.70.

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 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) was stronger early in today’s Asian session as the pair traded as high as the 152.24 area after trading as low as the 145.97 area during yesterday’s Asian session. Market sentiment continues to improve following the pair’s climb higher from the 131.80 area last week, and this is evident following the pair’s price activity around certain key price levelsStops were elected above the 151.17 and 155.74 levels during the pair’s climb higher, and the next upside price objective targets related to these levels include the 161.39 and 170.53 areas.  The 152.10 level is another important level related to the pair’s recent depreciation from the 199.50 area, and some additional Stops were triggered above this area during the recent rebound higher before Stops were elected above the 156.99 area.

The recent trading activity around the 149.31 area has traders focused on some additional upside price targets including the 160.15, 168.91, and 177.66 areas, above which Stops are likely in place.  Some selling pressure is expected in between some of those levels and those areas include the 163.28 and 165.11 areas, 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 represents a downside price objective target during the pair’s recent decline and below which Stops were elected.

Price activity is nearest the 50-bar MA (4-hourly) at 149.38 and the 50-bar MA (Hourly) at 150.99.

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

Technical Resistance is expected around 155.50/ 160.15/ 163.28 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.

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