Sally Ho's Technical Analysis 29 January 2020 BTC ETH

Bitcoin (BTC/USD) reclaimed some lost ground early in today’s Asian session as the pair moved higher to the 9073.85 area after finding technical support around the 8880.87 area during yesterday’s North American session.  Earlier in yesterday’s North American session, the pair had traded as high as the 9188.62 area before coming off.  The pair inched steadily higher earlier this week, triggering Stops above the 8447.58 and 8590.41 levels that represent the 23.6% and 38.2% retracements of the 9124.99 – 8216.71 range.  Traders drove the pair higher above the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly) as they absorbed additional market risk during the climb higher.  Additional Stops were elected above the 8458, 8522, 8612, and 8649 areas during BTC/USD’s escalation earlier this week.

The move higher also saw traders attempt to establish a constructive base above the 100-bar MA (4-hourly) and 50-bar MA (4-hourly).  Chartists continue to evaluate the pair’s upside gains relative to important technical trading ranges, one of which is last year’s depreciation from the 13868.44 to 6430.00 area.  Traders are curious to see if the pair can remain above the 8185.47 level, representing the 23.6% retracement of that range, and are also monitoring the next upside retracement target in that range around the 9271.48 area.  Likewise, another upside retracement level and price objective is the 9816.32 area, representing the 50% retracement of the 13202.63 – 6430.00 range.   Offers are cited around the 8793, 8911, and 8992 levels.

Price activity is nearest the 100-bar MA (4-hourly) at 8,598.63 and the 50-bar MA (Hourly) at 8,840.20.

Technical Support is expected around 8156.16/ 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 Bullishly above MACDAverage.

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

Ethereum (ETH/USD) appreciated early in today’s Asian session as the pair climbed higher to the 172.25 area after earlier trading as high as the 174.45 area during yesterday’s North American session.  Bids emerged around the 169.83 area during the pullback during yesterday’s North American session.  The pair developed a bid around the 154.48 area late last week and steadily moved higher through the early part of this week.  Stops were elected above the 160.34, 163.97, and 166.90 areas during the escalation higher, representing the 23.6%, 38.2%, and 50% retracements of the 179.32 – 154.48 range.  Additional upside price objectives and retracements in this range include the 169.83 and 173.46 levels. 

Chartists also note that the 50-bar MA (hourly) bullishly crossed above the 100-bar MA (hourly) earlier this week.  As traders have increased their exposure to additional ETH/USD market risk over the past several days, they have absorbed Stops around additional technically-significant levels including the 167.14 area, representing the 76.4% retracement of the recent depreciation from the 171.05 area to the 154.48 area.  Some additional upside price objectives are now closer to price activity, including the 171.06, 177.90, and 179.19 areas.  These upside price objectives gained their technical significance based on buying activity that originated around the 142.10 and 125.52 areas.  Stops are cited above the 188.96 and 195.77 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 165.25 and the 50-bar MA (Hourly) at 169.60.

Technical Support is expected around 167.80/ 165.62/ 156.47 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 Bullishly above MACDAverage.

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