Published
4 years ago on
December 07, 2019
Bitcoin
Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair escalated to the 7570.32 area after Bids emerged around the 7305.75 area during yesterday’s European session. Notably, the move higher has coincided with the 50-bar MA (4-hourly) Bullishly crossing above the 100-bar MA (4-hourly), a technical development that could lead to additional price appreciation. Chartists are waiting to see if the pair can build a constructive base around the 7473.42 area, representing the 23.6% retracement of the 9948.12 – 3128.89 range. The pair has steadily weakened after plateauing around the 10540.49 area in late October, including a move back below the 7200 area following a short-lived spike to the 7775.00 area during Wednesday’s European session.
Stops were elected above the 7365 and 7552 levels during the pair’s rapid ascent this week, key technical levels related to the pair’s recent floor around the 6526.00 level. Many traders believe the pair will continue to retain its downward bias until it decisively moves above technically significant retracement levels around the 7473, 7568, 7893, 8101, and 8258 areas. Another level that traders are closely monitoring is the 7039.45 area, representing the 61.8% retracement of the move from 6526.00 to 7870.10. Below current market activity, chartists and technicians are focusing on the 6538, 5733, and 4738 areas as downside price targets. If the 6899 area is tested, the downside risk of a move to the 6038 area will increase substantially.
Price activity is nearest the 50-bar MA (4-hourly) at 7,405.74 and the 200-bar MA (Hourly) at 7,411.74.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Ethereum
Ethereum (ETH/USD) gained ground early in today’s Asian session as the pair appreciated to the 149.24 level after trading as low as the 145.75 area during yesterday’s European session. The 50-bar MA (4-hourly) and 100-bar MA (4-hourly) appear to be headed for a Bullish convergence, and this may lead to some upward price pressure. A downward market bias has persisted following the pair’s weakening from the its recent 157.73 relative high, an area it reached after Stops were elected above the 155.74 area in late November. Mid-week volatility pushed the pair as high as the 153.00 figure, a sudden move that was not sustainable and soon yielded way back to the 143.80 area. By some measures, ETH/USD remains pressured including the fact that it has recently traded below the 144.77 area, representing the 50% retracement of the 131.80 – 157.73 area.
The ongoing weak market sentiment has made it likely the pair could test some additional downside price levels including the 141.71 area and the 137.92 area, representing the 61.8% and 76.4% retracement levels of the same range. Another very important technical trading area is the 141.02 level, the low print from 27 October and one with a technical significance that was confirmed multiple times after traders were able to trigger Stops above the 151.17 and 155.74 areas, upside price objective targets related to the 141.02 print. If traders are able to push the pair below the 140.94 area, the 137.80 level will come into view and it may provide some technical Support and buying pressure.
Price activity is nearest the 50-bar MA (4-hourly) at 149.15 and the 200-bar MA (Hourly) at 149.31.
Technical Support is expected around 144.77/ 141.74/ 140.61 with Stops expected below.
Technical Resistance is expected around 152.11/ 155.50/ 162.93 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above 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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