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Sally Ho's Technical Analysis 1 February 2020 BTC ETH

Sally Ho's Technical Analysis 1 February 2020 BTC ETH

Bitcoin (BTC/USD) depreciated early in today’s Asian session as the pair weakened to the 9195.49 area during yesterday’s session.  BTC/USD gained about 29% in January, a stark contrast to its -2.6% performance in December.  The pair’s recent appreciation has traders focused on the psychologically-important 10000 figure, but before it can test that level it must get above some areas of technical resistance.  The 9765.93 area represents the 38.2% retracement of the appreciation from 3128.89 to 13868.44, and Stops are likely in place above this area.  The 9532.39 area represents the 38.2% retracement of the 19891.99 – 3128.89 range, and Stops are likely above this area. 

Other important levels include the 9269.57 area, a level that represents the 50% retracement of the 4670.69 to 13868.44, while the 9389.28 area represents the 61.8% appreciation of the move from 6620.61 to 13868.44.  Additional upside levels of technical resistance include the 9427.66, 9816.32, and 9887.63 areas.  The recent upswing in BTC/USD also has established new areas of technical support and these include the 8835.33, 8642.67, and 8542.45 areas.  Moreover, additional buying pressure is expected to be in place around the 8929.74 and 8793.48 areas.

Price activity is nearest the 100-bar MA (4-hourly) at 8,841.38 and the 100-bar MA (Hourly) at 9,220.83.

Technical Support is expected around 8156.16/ 7662.03/ 7568.45 with Stops expected below.

Technical Resistance is expected around 9593.07/ 9757.64/ 9963.74 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum (ETH/USD) weakened early in today’s Asian session as the pair fell to the 175.00 area during yesterday’s North American session after recently trading as high as the 186.89 area recently. 
ETH/USD gained more than 37% in January, compared to December’s 12.5% major depreciationETH/USD’s recent gains again have traders contemplating the possibility of a run towards the psychologically-important 200.00 figure.  Prior to testing this significant level, however, traders must advance past above a series of technical resistance levels.  The 183.05 and 198.83 areas represent the 61.8% and 76.4% retracements of the depreciation from 224.34 to 116.25, and Stops are likely in place above those levels.  Also, the 197.56 area represents the 76.4% retracement of the move from 146.00 to 364.49.

Additionally, the 193.55 area represents the 38.2% retracement of the move from 318.60 to 116.25, and Stops are likely in place above this area.  The 198.83 area represents the 76.4% retracement of the move lower from 224.34 to 116.25, and Stops are likely in place above this level.  Additionally, the 199.50 level was a relative high from late October, and there may be some sizable offers in place around this area.  The pair’s recent appreciation has also resulted in some additional areas of technical support and these include the 164.44 area.  More buying pressure is likely in place around the 165.10 and 166.25 areas, with lighter bids likely in place around the 166.27 and 164.02 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 169.18 and the 50-bar MA (Hourly) at 178.16.

Technical Support is expected around 170.00/ 164.89/ 156.47 with Stops expected below.

Technical Resistance is expected around 188.96/ 206.68/ 225.78 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

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