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Sally Ho's Technical Analysis 29 February 2020 BTC ETH

Sally Ho's Technical Analysis 29 February 2020 BTC ETH

Bitcoin (BTC/USD) gained marginal ground early in today’s Asian session as the pair was lifted to the 8696.02 area during yesterday’s North American session after trading as low as the 8428.80 level during yesterday’s European session.  The pair traded as high as the 8972.92 level during Thursday’s European session before depreciating to multi-week lows.  The market bias among traders has continued to weaken as price activity has drifted further away from its recent relative high around the 10522.51 area, crashing through several areas of technical support during the acute pullback.  During the downturn, selling pressure capped rallies higher around the 10400.00, 10315.00, 10030.00, 9681.56, and 9280.00 levels

Various appreciating ranges over the past couple of months culminated with buying activity around recent relative lows including 6430.00, 6854.67, 7671.00, and 8216.71 with the 10522.51 area serving as a recent relative highStops have been elected below several downside retracement areas including the 9878.34, 9849.55, 9656.80, 9641.69, 9556.68, 9433.23, 9369.61, 9121.40, and 9097.53 levels. Additional Stops were triggered below downside price objectives this week including the 9561.24, 9363.29, and 9118.37 areas, levels related to selling pressure that emerged around the 10400.00 area and intensified around the 10004.10 area.  Additional Stops were elected below the 8959.17, 8760.88, 8722.47, and 8476.26 levels.  Another downside price objective is the 8343.96 area. 

Price activity is nearest the 50-bar MA (4-hourly) at 9369.38 and the 50-bar MA (Hourly) at 8747.98.

Technical Support is expected around 8343.96/ 8062.25/ 7963.25 with Stops expected below.

Technical Resistance is expected around 9121.40/ 9370.00/ 10534.04 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 

Ethereum (ETH/USD) gained ground early in today’s Asian session as the pair appreciated to the 226.97 level during yesterday’s North American session after trading as low as the 213.63 area during yesterday’s European session.  The pair traded as high as the 239.00 area during Thursday’s European session before moving to multi-week lows.     The market bias has darkened in recent days following continued moves lower that have seen ETH/USD decline from the 290.00 area in the middle of February and encounter additional selling pressure at various levels during the depreciation.  These levels include the 287.13, 278.13, 274.77, 265.01, 253.00, and 241.98 areas.  The pair crashed to the 215.33 level during Thursday’s North American session, its weakest level since early February. 

Stops have been recently triggered below a variety of important technical levels that correspond to appreciating ranges anchored around the 116.25, 135.12, 154.48, and 170.00 levels.  These technical retracement areas below which Stops have been elected include the 290.00, 261.68, 258.02, 253.34, 249.00, 244.16, 238.23, 230.84, 230.00, 224.67, and 223.63 levels.  Additionally, sizable Stops were triggered this past week below the 238.01 and 221.94 areas, both of which are downside price objectives related to selling pressure that occurred around the 273.85 area after initial selling pressure took place around the 290.00 area.  Downside price objectives include the 212.56, 206.25, 203.13, 194.28, 189.28, and 182.62 levels, and it is likely there are Stops in place below these areas.

Price activity is nearest the 200-bar MA (4-hourly) at 228.45 and the 50-bar MA (Hourly) at 225.72.

Technical Support is expected around 209.25/ 203.25/ 192.10 with Stops expected below.

Technical Resistance is expected around 253.75/ 260.41/ 270.09 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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