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Sally Ho's Technical Analysis 6 January 2020 BTC ETH

Sally Ho's Technical Analysis 6 January 2020 BTC ETH

Bitcoin (BTC/USD) was marginally weaker early in today’s Asian session as the pair traded as low as the 7434.56 area after trading as high as the 7488.87 level during yesterday’s North American session.  Traders have experienced some volatility early in the new year following the pair’s rapid ascent late last week from just above the technically-significant 6841.36 area to the 7401.20 level before some gains were paredBTC/USD buyers ran into a wall of Offers just above the 7391.87 area, representing the 23.6% retracement of the move from 6430.00 to 7688.99.  One key level that traders continue to monitor is the 7231.40 area, representing the 61.8% retracement of the 3128.89 – 13868.44 range.

Many traders have concluded that the lack of sustained buying pressure and upward momentum following late last week’s exogenous geopolitical pressures reflects the ongoing bearish sentiment in BTC/USD.  Above current market levels, traders are focusing on levels including the 7568, 8062, 8213, and 8338 areas.  Below current market levels, traders are focusing on levels including the 6910, 6727, 6538, 6440, and 5941 levels.  The 50-bar MA (hourly) has recently crossed above the 100-bar MA (hourly) and 200-bar MA (hourly), and this may result in some upward price pressure.

Price activity is nearest the 50-bar MA (4-hourly) at 7,265.28 and the 50-bar MA (Hourly) at 7,366.73.

Technical Support is expected around 6526.00/ 6323.42/ 5941.26 with Stops expected below.

Technical Resistance is expected around 7870.10/ 7927.23/ 8338.78 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum (ETH/USD) moved higher early in today’s Asian session as the pair traded as high as the 138.97 area after buying pressure emerged around the 134.75 area during yesterday’s European session. Traders continue to assess the pair’s current market sentiment early in the new year, especially after last week’s exogenous geopolitical pressures added a temporary Bid to the market.  Prior to these external pressures, ETH/USD had been trading around the 125.52 area, below the 126.04 level that represents the 23.6% retracement of the move from 157.73 to 116.25.  Even though the buying pressure late last week was precipitated by non-technical factors, the pair encountered technical resistance around the 134.93 level, representing the 76.4% retracement of the recent depreciation from 137.85 to 125.53.

Late last week, the 50-bar MA (4-hourly) also Bullishly moved above the 100-bar MA (4-hourly), a technical development that typically coincides with some price appreciation.  Below current market activity, traders are monitoring levels including the 127.99, 127.14, 126.50, 125.75, 123.50, and 120.73 areas.  Above current market activity, traders are monitoring levels including the 137.92, 140.94, 141.71, 144.77, and 146.59 areas.  Traders are curious to see if the pair can remain above the 137.61 level, representing the 23.6% retracement of the move from 322.16 to 80.60.

Price activity is nearest the 50-bar MA (4-hourly) at 127.70 and the 200-bar MA (Hourly) at 127.60.

Technical Support is expected around 119.50/ 115.60/ 111.17 with Stops expected below.

Technical Resistance is expected around 137.61/ 141.74/ 146.00 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 Bullishly above MACDAverage.

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