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Sally Ho's Technical Analysis 4 December 2019 BTC ETH

 
Sally Ho's Technical Analysis 4 December 2019 BTC ETH
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair fell to the 7241.60 area after being capped around the 7412.85 area during yesterday’s Asian session.  Traders have been observing the pair trading between important technical levels recently, including the 7356.65 and 7198.05 areas that represent the 38.2% and 50% retracements of the 6526.00 – 7870.10 range.  Other important levels in that range include the 7039.45 area, representing the 61.8% retracement, and the 7552.89 area, representing its 23.6% retracement.  The pair has also recently been trading between its 50-bar MA (4-hourly) and 100-bar MA (4-hourly), as traders search for new market sentiment and a market bias, but its current weakness has seen it move back below the 50-bar MA (4-hourly).

Notably, the pair has tested the 100-bar MA (4-hourly) a couple of times over the past several trading sessions but failed to close above it, leading to a short-term weaker trading bias.  Additionally, the market has been challenged recently by its 200-bar MA (hourly), and has also recently traded below its 50-bar MA (hourly) and 100-bar MA (hourly).  Below current market activity, traders anticipate some buying pressure around levels including the 7216, 7187, 7053, and 7022 areas. Above current market activity, traders anticipate some selling pressure around levels including the 7722 and 7906 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 7,394.23 and the 50-bar MA (Hourly) at 7,314.30.

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 Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) slumped early in today’s Asian session as the pair fell to the 145.52 area after running out of steam around the 150.00 area during yestreday’s Asian session.  One very important technical trading level that traders have monitored lately is the 146.99 area, a technical Support level that became technically relevant after Bids emerged around the 141.02 area.  Trader have tested the 146.99 area several times over the past several trading days, reinforcing its significance after traders elected some Stops above the 155.74 area late last week.  Another nearby level that is technically significant is the 149.31 area, one that was tested late last week.

The next upside price objectives related to that level include the 160.15, 168.91, and 177.66 areas. Chartists anticipate some interesting market activity between the 168.91 and 170.53 areas if and when the market reaches those levels.  The pair has orbited the 50-bar MA (4-hourly) for several trading sessions, an indication that traders lack a decisive market bias at this time.  The pair has also recently traded below its 50-bar MA (hourly) for several trading sessions, and recent trading activity below the 200-bar MA (hourly) has suggested a recent short-term bias.  Notably, the 200-bar MA (hourly) has just crossed above the 100-bar MA (hourly), and this is likely a Bearish technical development.

Price activity is nearest the 50-bar MA (4-hourly) at 150.03 and the 50-bar MA (Hourly) at 148.55.

Technical Support is expected around 144.77/ 141.74/ 137.92 with Stops expected below.

Technical Resistance is expected around 153.00/ 157.73/ 160.15 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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