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Sally Ho's Technical Analysis 21 December 2019 BTC ETH

Sally Ho's Technical Analysis 21 December 2019 BTC ETH

Bitcoin

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair climbed to the 7207.35 area, a steady improvement from a low of 7073.66 during yesterday’s Asian session.  The pair continues to orbit the 7084.98 area, representing the 23.6% retracement of the 19891.99 – 3129.89 range. Also, price activity has recently traded around and between the 50-bar MA (4-hourly) and 100-bar MA (4-hourly).  Chartists note that the 50-bar MA (hourly) just Bullishly crossed above the 100-bar MA (hourly) and 200-bar MA (hourly), a development that may coincide with additional price appreciation

Another level that has recently been toppish for the pair is the 7223.25 area, representing the 76.4% retracement of the 8488.00 – 3128.89 range.  Above current market activity, traders are looking at potential technical Resistance around the 7365, 7580, and 7722 areas.  Below current market activity, traders continue to look at levels including the 6857, 6653, and 6526 areas.  Additionally, significant buying activity commenced mid-week around the 6430 area but that buying pressure ran out of steam right around the 200-bar MA (4-hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 7,203.94 and the 50-bar MA (Hourly) at 7,151.38.

Technical Support is expected around 6526.00/ 6323.42/ 5941.26 with Stops expected below.

Technical Resistance is expected around 7568.81/ 7870.10/ 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) was slightly stronger early in today’s Asian session as the pair traded as high as the 128.49 area following a steady move higher from the 125.71 level during yesterday’s Asian session.  Following the pair’s recent temporary break above the 132.90 area, traders have kept the pair below this level, an important one that represents the 23.6% retracement of the move from 302.20 to 80.60.  Chartists have noted that the 50-bar MA (hourly) and 100-bar MA (hourly) have Bullishly converged, a development that may lead to additional price appreciation.  Meanwhile, the 50-bar MA (4-hourly) still continues to trade below the 100-bar MA (4-hourly) and 200-bar MA (4-hourly).

Traders continue to monitor the pair’s movements around the 127.14 area, representing the 23.6% retracement of the move from 199.56 to 104.77Short-term technical Support around the 125.53 area continued to hold through yesterday’s Asian, European, and North American sessions, a level that represents the 50% retracement of the recent move from 116.25 to 134.81.  Below that level, traders anticipate some technical Support around the 123.34 and 120.63 areas.  Above that level, traders eye technical Resistance around the 130.43 area, representing the 23.6% retracement of the 116.25 to 134.81 range.

Price activity is nearest the 50-bar MA (4-hourly) at 134.86 and the 50-bar MA (Hourly) at 127.62.

Technical Support is expected around 119.50/ 115.60/ 111.17 with Stops expected below.

Technical Resistance is expected around 137.61/ 141.74/ 146.00 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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