Sally Ho's Technical Analysis 11 January 2020 BTC ETH

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair escalated higher to the 8149.99 area after trading as low as the 7671.00 level during yesterday’s European session.  The pair had earlier glided lower after its recent move above the psychologically-important 8000 figure en route to a test of the 8469 area earlier this week.  Traders have reassessed market risk in the wake of the run-up in price since the new year, and now eye the 7662.03 area as an important level, one that represents the 50% retracement of the recent appreciation from 6854.67 to 8469.39.  The next downside level in that range is the 7471.49 area followed by the 7235.74 level.

BTC/USD’s ability to remain above the 7473.42 area will be closely scrutinised by traders intent on assessing the sustainability of the recent move, as this area represents the 23.6% retracement of the 10540.49 – 6526.00 range.  Likewise, a move back above the 8059.54 area will be seen as a bullish development as this represents the 38.2% retracement of the same range.  Below current price activity, traders anticipate Bids around the 7597, 7473, 7313, and 7117 areas.  Above current price activity, traders anticipate Offers around the 8177, 8340, 8585, and 8799 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 7,674.59 and the 100-bar MA (Hourly) at 7,972.29.

Technical Support is expected around 7662.03/ 7568.45/ 6526.00 with Stops expected below.

Technical Resistance is expected around 8587.90/ 8799.53/ 9006.95 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) gained ground early in today’s Asian session as the pair rallied higher to the 145.81 area after trading as low as the 135.26 area during yesterday’s European session. Traders had earlier reduced their exposure to the pair following the recent run-up in price to multi-week highs around the 148.00 figure.  During that move higher, ETH/USD bulls derived some encouragement from the break above the 145.33 area, representing the 23.6% retracement of the 239.45 – 116.25 range.  Previously unable to sustain this area or the 141.76 area that represents the 23.6% retracement of the move from 224.34 to 116.25, ETH/USD now has traders focused on the 135.90 area, representing the 23.6% retracement of the recent 199.50 – 116.25 range.

Chartists are also closely watching the pair’s movements around the 100-bar MA (hourly), and note that the 100-bar MA (hourly) bearishly moved above the 50-bar MA (hourly), indicating a possible sell-off.  Below current price activity, traders will pay close attention to levels including the 134.14, 132.46, 130.00, and 128.15 areas.  Above current market activity, traders will pay close attention to levels including the 146.59, 147.82, 147.99, and 148.74 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 137.86 and the 100-bar MA (Hourly) at 140.78.

Technical Support is expected around 135.12/ 132.90/ 130.83 with Stops expected below.

Technical Resistance is expected around 148.05/ 153.00/ 157.73 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.