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Sally Ho's Technical Analysis 21 February 2020 BTC ETH

 
Sally Ho's Technical Analysis 21 February 2020 BTC ETH
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) oscillated early in today’s Asian session as the pair orbited the 9500 area one day after suffering one of its largest hourly declines in history.  Bears pushed the pair from the 10315.00 level to the 9290.98 area in less than two hours, triggering a cascade of Stops along the way.  During periods of price consolidation such as the current phase of price activity, longer-term and broader trading ranges take on greater importance and may provide some guidance.  One such range that traders continue to monitor is the depreciation from 13202.63 to 6430.00.  Price activity has recently been traded above and below the 9816.32 area, representing the 50% retracement of this range, and the next upside retracement level in this range is the 10615.49 area, an area that traders were unable to push the pair above during its recent climb above the psychologically-important 10000 figure.

Traders are monitoring another very important range, namely the appreciation from 3128.89 to 13868.44.  Some Stops were reached above the 9765.93 area, representing the 38.2% retracement of this range.  Additionally, another very important range that traders continue to monitor is the depreciation from 19891.99 to 3128.89, an extremely broad range originating with the pair’s all-time high.    Price activity recently moved above the 9532.39 area, representing the 38.2% retracement of this range, and the next upside retracement level in this range is the 11510.44 area, representing the 50% retracementBelow current market activity, traders anticipate bids around the 9322.05, 9169.41, 8911.79, and 8739.96 areas.

Price activity is nearest the 200-bar MA (4-hourly) at 9391.16 and the 100-bar MA (Hourly) at 9844.77.

Technical Support is expected around 9370.10/ 9121.40/ 8760.28 with Stops expected below.

Technical Resistance is expected around 10534.04/ 10652.04/ 10698.24 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) extended recent losses early in today’s Asian session as the pair continued to circle the psychologically-important 250.00 figure after trading as high as the 287.13 level during Wednesday’s North American session.  The markets continue to move away from its recent high around the 290.00 level and during this current consolidation phase, traders are closely monitoring the pair’s longer-term and broader price ranges.  As the market continues to retrace lower, traders are monitoring levels where buying demand could emerge, such as the 217.43 area that represents the 50% retracement of the move from 318.60 to 116.25.  Just below that area, traders will pay close attention to the 210.37 level, representing the 76.4% retracement of the move from 239.35 to 116.25

A broader range that traders are watching is the depreciation from 364.49 to 116.25, and the 211.08 area represents the 38.2% retracement of this move.  Notably, the 240.37 area is the next upside retracement level in this range, and traders will pay close attention to potential technical support around this area.  A broader range that traders are monitoring is the move from 547.57 to 80.60, and the 190.94 level represents the 23.6% retracement of this range.  The next upside retracement level in this range is the 259.09 area, and the pair recently traded below this area during the pullback lower. Below current market activity, traders are anticipating possible technical support around the 234, 230, 220, and 216 levels.

Price activity is nearest the 100-bar MA (4-hourly) at 241.50 and the 100-bar MA (Hourly) at 265.51.

Technical Support is expected around 230.27/ 226.38/ 222.73 with Stops expected below.

Technical Resistance is expected around 296.15/ 304.10/ 312.93 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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