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Sally Ho's Technical Analysis 27 December 2019 BTC ETH

Sally Ho's Technical Analysis 27 December 2019 BTC ETH

Bitcoin (BTC/USD) broke above its recent sideways trading pattern early in today’s Asian session as the pair climbed to the 7336.44 level following a Bullish move by the 50-bar MA (4-hourly) above the 100-bar MA (4-hourly).  The 7208.06 level is technically significant and one that price activity has continued to orbit, as it represents the 38.2% retracement of the recent move from 6430.00 to 7688.99.  The market briefly traded above the 7391.87 area earlier this week, a level that represents the 23.6% retracement of that range, but could not sustain the break above and quickly headed lower. 

Below current market activity, other levels related to that range include the 7059.50, 6910.93, and 6727.12 areas.  Traders are also paying close attention to the pair’s move above the 7594.48 level earlier this week because that level represents a downside price objective related to the late-October high of 10540.49 that was breached on 21 November.  The next downside level related to that relative high is 6899.15, a technically significant level below which Stops have been elected.  The 7473 level is another downside price objective related to the 10540.49 area, and traders will monitor price activity around this area on any rebound higher.

Price activity is nearest the 500-bar MA (4-hourly) at 7,185.68 and the 100-bar MA (Hourly) at 7,306.58.

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) traded around some important technical levels early in today’s Asian session as market sentiment continues to appear to favour a weaker market bias. Traders lifted the pair to the 127.67 area during yesterday’s North American session, right around the 50-bar MA (4-hourly).  Some important levels that were Given this week include the 130.76, 127.99, 125.75, and 123.50 areas, representing the 23.6%, 38.2%, 50%, and 61.8% retracements of the recent move higher from 116.25 to 135.24.  The next downside level related to that range is the 120.73 area, and if that level is breached traders will again contemplate a move below the recent low of 116.25.

There are a variety of important levels below this area that longer-term traders and chartists are focusing on.  The 115.60 level represents the 76.4% retracement of the move from 100.15 to 165.62 and the 111.17 level represents the 61.8% retracement of the 80.60 – 160.62 range.  The 104.77 area is another important downside price objective related to the late-October high of 199.50, and a break of that level opens up a possible test of the 99.48 area, representing the 76.4% retracement of the move from 80.60 to 160.62.  If market sentiment continues to weaken further, traders may aggressively adjust their risk management decisions as the pair approaches the psychologically-important 100.00 figure.

Price activity is nearest the 50-bar MA (4-hourly) at 127.75 and the 100-bar MA (Hourly) at 128.44.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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