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Sally Ho's Technical Analysis 31 January 2020 BTC ETH

Sally Ho's Technical Analysis 31 January 2020 BTC ETH

Bitcoin (BTC/USD) fought for additional gains early in today’s Asian session as the pair continued to advance past the psychologically-important 9000 figure.  Traders have steadily pushed the pair higher from the 8216.71 level over the past week, electing a series of Stops along the way.  Major Stops were elected above the 9033.60 and 9071.18 levels, both of which represented upside price objectives related to the 18 December low of 6430.00.  Additional Stops were triggered above the 9011.90 and 9047.03 areas during the pair’s move higher earlier this week, levels that relate to another recent relative low around the 7963.25 area.  Prior to these levels being reached, Stops were activated above the 8892.35 area, a level related to another recent relative low of 6854.67.

The technical significance of another trading range was also confirmed and validated earlier this week when traders tested the 9150.15 area during Tuesday’s Asian session, a level that represents the 76.4% retracement of the 10540.82 – 4648.15 range.  The recent buying pressure has traders closely monitoring a variety of upside price objectives including the 9169.41, 9203.36, 9285.68, 9303.07, and 9370.10 levels, very important price levels that also relate to technical support that emerged around the 6430.00, 7963.25, and 6854.67 areasStops are anticipated above the 9242.82 and 9462.00 areas.

Price activity is nearest the 100-bar MA (4-hourly) at 8,453.20 and the 50-bar MA (Hourly) at 8,421.73.

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

Technical Resistance is expected around 9593.07/ 9665.70/ 9757.64 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.



Ethereum (ETH/USD) showed some weakness early in today’s Asian session as the pair continued to orbit the 175.00 figure after having recently traded as high as the 178.31 areaBids have steadily propelled the pair higher from the 154.48 area during the past week, a move that accelerated after the pair thrashed its way above the psychologically-important 170.00 figureStops were elected above the 164.42 and 165.67 areas during the sharp move higher earlier this week, important technical areas whose significance emerged after buying pressure emerged around the 122.15 and 116.25 areas.  Additional Stops were quickly absorbed above the 171.02 area, another level that relates to the late-December low of 116.25.  

ETH/USD bulls are focused on some additional upside price targets. Some additional upside price objectives related to the relative low of 116.25 include the 177.34 and 183.94 areas with Stops likely in place above the 192.10 area.  Additional upside price objectives related to the relative low of 122.18 include the 177.11, an area that Stops are likely above, followed by the 186.73 areaBuying pressure that emerged around the 125.52 area created upside price objectives around the 179.19 and 195.77 areas, above which Stops are likely in place.  Also, upside price objectives related to the relative recent low around the 142.10 area include the 177.90 and 188.96 areas, above which Stops are likely in place.

Price activity is nearest the 100-bar MA (4-hourly) at 156.05 and the 50-bar MA (Hourly) at 165.74.

Technical Support is expected around 156.47/ 153.07/ 147.83 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

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

 

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