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Sally Ho's Technical Analysis 23 January 2020 BTC ETH

 
Sally Ho's Technical Analysis 23 January 2020 BTC ETH
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) was little changed early in today’s Asian session as the pair traded around the 8631.77 area after trading as high as the 8791.76 area during yesterday’s European session.  Some bids emerged around the 8565.00 area during yesterday’s North American session but the pair has largely been confined to a sideways trading range.  The pair continues to orbit the 8741.24 area, a level that represents the 50% retracement of the move from 10950.57 to 6531.91.  One of the many important trading ranges that traders continue to monitor is the move from 7671.00 to 9194.99.  During a pullback a couple of days ago, bids emerged above the 8433.00 area, representing the 50% retracement of that range.  The next upside retracement levels in that range include the 8612.83 and 8835.33 areas. The next downside levels in that range include the 8253.16 and 8030.66 areas

An even wider range that traders continue to monitor is the 6854.67 – 9194.99 range where important levels include the 8642.67 and 8300.99 areas.  Chartists are observing that the pair also continues to orbit the 50-bar MA (4-hourly), an indication that traders are attempting to determine a new market bias.  Also, the 200-bar MA (hourly) has bearishly crossed above the 50-bar MA (hourly), and the 200-bar MA (hourly) has bearishly crossed above the 100-bar MA (hourly), a negative development. Below current market activity, technical support is expected around the 8458, 8377, 8292, and 8223 levels.  Above current market activity, traders anticipate technical resistance around the 8923 and 9131 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 8,737.84 and the 50-bar MA (Hourly) at 8,655.60.

Technical Support is expected around 8338.78/ 7662.03/ 7568.45 with Stops expected below.

Technical Resistance is expected around 9194.99/ 9303.07/ 9593.07 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) fell slightly early in today’s Asian session as the pair receded to the 167.30 area after encountering selling pressure around the 171.05 area during yesterday’s European session.  Bids emerged around the 165.65 area during yesterday’s North American session. Traders await any indication the pair may be breaking out from its recent trading range that has seen it circle the 165.25 area, a level that represents the 38.2% retracement of the move from 302.20 to 80.60.  The 50-bar MA (4-hourly) has provided technical support and upward buying pressure for the pair a couple of times over the past few days, and the pair’s recent failure around the 179.32 area has many traders expecting that this recent technical support could become technical resistance in the near-term.

Chartists have also observed a bearish move of the 100-bar MA (hourly) above the 50-bar MA (hourly), reinforcing the view that market sentiment may result in a weaker ETH/USD.  The 200-bar MA (hourly) has provided some technical support a couple of times over the past few days, leading to speculation that downside market pressures could cause the pair to fall below.  Below current price activity, technical support is expected around the 160.00, 157.88, and 154.71 areas.  Above current price activity, technical resistance is expected around the 177.11, 177.90, and 179.19 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 167.13 and the 200-bar MA (Hourly) at 167.12.

Technical Support is expected around 159.86/ 156.47/ 153.07 with Stops expected below.

Technical Resistance is expected around 179.32/ 180.45/ 187.15 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

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