Sally Ho's Technical Analysis 8 January 2020 BTC ETH

Bitcoin (BTC/USD) extended recent gains early in today’s Asian session as the pair traded as high as the 8195.00 area after Bids emerged around the 7723.00 area during a pullback in yesterday’s North American session. Market sentiment seems to have improved during the past few days with the pair’s recent trading activity above the 7473.42 level, representing the 23.6% retracement of the move from 10540.49 to 6526.  The next upside retracement level in this series is the 8059.54 area, followed by the 9006.95 level, and this area was easily absorbed during the market’s appreciation.  BTC/USD tested these areas after traders moved through the 7688.99 level and the 7870.10 area.

Following the improving sentiment, traders are interested to see where Bids could emerge during pullbacks lower.  These levels include the 7391, 7208, and 7059 levels and chartists are also eyeing the 7312 level, an area where buying pressure emerged on Sunday.  Additional areas of technical significance include the 7492, 7370, and 7271 levels, below which some Stops are likely in place.  Upside price objectives include levels such as the 8229 and 8304 areas.  Some Stops are likely in place above the 8597 area.

Price activity is nearest the 50-bar MA (4-hourly) at 7,376.37 and the 50-bar MA (Hourly) at 7,720.40.

Technical Support is expected around 7712.45/ 7568.45/ 6526.00 with Stops expected below.

Technical Resistance is expected around 8338.78/ 8449.02/ 8587.90 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) shed a little bit of ground early in today’s Asian session as the pair moved lower to the 143.37 area after trading as high as the 145.17 level during yesterday’s North American session.  Buying demand lifted the pair from the 138.79 area during yesterday’s North American session. Improving market sentiment has seen the pair recently escalate to its strongest level since mid-December, and the pair’s market bias continues to shift from negative to neutral.  One reason why traders are now feeling less negative and Bearish relates to the pair’s recent movement above the 141.76 area, representing the 23.6% retracement of the move from 224.34 to 116.25.  If the pair is able to continue to recover to the upside, traders will look at the 145.33 area, representing the 23.6% retracement of the move 239.45 – 116.25 range.

The pair’s ongoing recovery higher has opened up some upside price targets including the 146.59 and 147.82 areas.  Some selling pressure is expected around the 151.17 – 115.61 areas.  Stops are cited above the 154.93 area. Below current market activity, Bids are expected during pullbacks lower around the 140.03, 137.26, and 135.02 areas with some Stops anticipated below the 132.77 areas.  Additional buying pressure is expected around the 130.00 figure.  Chartists have also noted that the 50-bar MA (4-hourly) is Bullishly converging with the 200-bar MA (4-hourly), and this may result in additional upside price pressures.

Price activity is nearest the 200-bar MA (4-hourly) at 135.69 and the 50-bar MA (Hourly) at 141.27.

Technical Support is expected around 139.13/ 137.61/ 132.90 with Stops expected below.

Technical Resistance is expected around 146.00/ 153.00/ 157.73 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.