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Sally Ho's Technical Analysis 23 February 2020 LTC BCH

 
Sally Ho's Technical Analysis 23 February 2020 LTC BCH
Ethereum / Breaking News / Bitcoin / Analytics

Litecoin (LTC/USD) depreciated early in today’s Asian session as the pair fell to the 74.54 area after trading as high as the 76.83 area during yesterday’s European session.  Prior to its recent move higher to the 84.50 level, LTC/USD traded as low as the 35.88 area in late December and traders are interested to see how much of its gains it gives back.  After peaking around the 84.50 area, the pair depreciated and fell to the 73.03 level, representing the 23.6% retracement of the appreciation from 35.88 to 84.50.  The next downside retracement level in that range is the 65.93 area and during the pullback lower, the market traded as low as the 67.26 area with traders unable to challenge 65.93.  Another important range that traders are monitoring is the appreciation from 22.17 to 146.00 that commenced in December 2017.

The 84.09 area represents the 50% retracement of this range, and the 69.47 level represents the 61.8% retracement of this range.  If traders are able to again move through the 84.09 area and challenge upside levels, the next upside retracement level in this range is the 98.70 area.  An additional range that traders are monitoring is the depreciation from 146.00 to 35.88, a move that ended in December after beginning in June.  Some key levels in that range that were absorbed during the run-up are the 61.87 and 77.95 areas, representing the 23.6% and 38.2% retracements of this range.  The next upside price objective in this range is the 90.94 area.    Above current market activity, traders anticipate offers and selling pressure around the 80.26 and 84.00 levels.

Price activity is nearest the 100-bar MA (4-hourly) at 75.80 and the 200-bar MA (Hourly) at 74.74.

Technical Support is expected around 69.44/ 66.80/ 59.30 with Stops expected below.

Technical Resistance is expected around 84.50/ 90.94/ 105.43 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.

 

Bitcoin Cash (BCH/USD) lost marginal ground early in today’s Asian session as the pair fell to the 374.74 level after trading as low as the 367.62 area during yesterday’s European session.  The rapid rise from a recent low of 170.03 in December to a high of 497.53 on 14 February stopped just short of testing the psychologically-important 500.00 figure, a key level that it has not traded above since June when the pair traded as high as the 517.75 area.  The move higher, however, reclaimed most of the pair’s depreciation from the second half of last year.  The depreciation over the past week or so has seen Stops elected below the 420.24 and 372.43 areas, representing the 23.6% and 38.2% retracements of the appreciation from 170.03 to 497.53.

Thus far, price activity has remained above the 333.78 area, representing the 50% retracement of the appreciating range.    Another broader range that traders are monitoring is the move from 639.01 to 73.22.  The 505.49 area represents the 76.4% retracement of this range, and this is another reason why selling pressure emerged around the 497.53 area during the pair’s recent climbLonger-term traders are monitoring the broader 888.19 to 73.22 range, and some important retracement levels include the 576.87, 480.71, and 384.54 areas representing the 61.8%, 50%, ad 38.2% retracements

Price activity is nearest the 200-bar MA (4-hourly) at 397.95 and the 50-bar MA (Hourly) at 376.71.

Technical Support is expected around 347.94/ 332.01/ 311.27 with Stops expected below.

Technical Resistance is expected around 393.09/ 405.00/ 422.88 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.

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