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Sally Ho's Technical Analysis 26 December 2019 BTC ETH

Sally Ho's Technical Analysis 26 December 2019 BTC ETH

Bitcoin (BTC/USD) extended its recent sideways trading pattern early in today’s Asian session as the pair continued to trade between or near the 100-bar MA (4-hourly) and 200-bar MA (4-hourly).  The pair has failed to sustain several tests of the 7473.42 area, a level that represents the 23.6% retracement of the 10540.49 – 6526.00 range. This lack of follow-through buying above this area has resulted in continued Bearish sentiment that again recently saw the pair sink below the 7198.05 level, another important short-term area that represents the 50% retracement of the move from 6526.00 to 7870.10

On a positive note, however, the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly) are Bullishly converging and this may result in improved market bias.  This would follow the recent Bullish convergence of the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly) that took place earlier this week.  BTC/USD Bears are focused on the 200-bar MA (hourly) and also the 7084.98 area, a level that represents the 23.6% retracement of the move from 19891.99 to 3128.89.

Price activity is nearest the 200-bar MA (4-hourly) at 7,267.69 and the 50-bar MA (Hourly) at 7,410.65.

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

Technical Resistance is expected around 7870.10/ 7927.23/ 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 

Ethereum (ETH/USD) extended some of its recent weakness early in today’s Asian session as the pair again gravitated to the 122.75 level after failing to sustain a recent test of the 50-bar MA (4-hourly).  One level that traders are carefully monitoring is the 135.90 area, one that represents the 23.6% retracement of the move from 199.50 to 116.25.  The market has come close to testing this level a couple of times during the past several days but stopped short, underscoring the significant weak sentiment that continues to dominate risk management decisions.  The 125.75 area has also emerged as an important short-term level, one that represents the 50% retracement of the move from 116.25 to 135.24.

Below current market activity, traders are eyeing the 123.50 and 120.73 areas, downside retracement levels that are also related to the recent appreciation from the 116.25 level.  The 127.14 level is a major area that is related to the late-October high of 199.50 and if the 116.25 level is broken, traders will more closely contemplate a possible move lower to the 104.77 area, a major downside price objective that is also related to the late-October high of 199.50.  Above the 135.90 area, traders anticipate some selling pressure could emerge around the 137.92 level.

Price activity is nearest the 50-bar MA (4-hourly) at 128.88 and the 100-bar MA (Hourly) at 129.07.

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 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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