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Sally Ho's Technical Analysis 3 February 2020 BTC ETH

Sally Ho's Technical Analysis 3 February 2020 BTC ETH

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair strengthened to the 9463.09 area after trading as low as the 9140.00 area during yesterday’s Asian session.  Price activity over the past couple of weeks has seen buying pressure emerge around the 8216.71 level, leading to traders electing Stops above the 9033.60 and 9071.18 levels, both of which represent upside price objectives related to the 18 December low of 6430.00.  Additional Stops were triggered above the 9011.90 and 9047.03 areas during the pair’s recent move higher, levels that relate to another recent relative low around the 7963.25 area.  Prior to these levels being reached recently, Stops were activated above the 8892.35 area, a level related to another recent relative low of 6854.67.

The technical significance of another trading range was also confirmed and validated recently when traders tested the 9188.62 area, a level that represents the 76.4% retracement of the 10540.82 – 4648.15 range.  The recent buying pressure has traders closely monitoring a variety of upside price objectives including the 9169.41, 9203.36, 9285.68, 9303.07, and 9370.10 levels, very important price levels that also relate to technical support that emerged around the 6430.00, 7963.25, and 6854.67 areas.  Given the market’s movements above these areas, traders are interested to see if and how they become technical resistance.

Price activity is nearest the 50-bar MA (4-hourly) at 9,086.76 and the 50-bar MA (Hourly) at 9,364.74.

Technical Support is expected around 8156.16/ 7662.03/ 7568.45 with Stops expected below.

Technical Resistance is expected around 9593.07/ 9757.64/ 9963.74 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) extended recent gains early in today’s Asian session as the pair traded as high as the 193.52 area after finding technical support around the 176.98 area during yesterday’s Asian session.
Traders have seen the pair recently escalate above the 180.00 figure, up from the recent relative low around the 154.48 area and the 2020 low around the 125.52 area.  This upside progress has seen ETH/USD recently trade above the 166.90 and 169.83 areas, representing the 50% and 61.8% retracements of the 179.32 – 154.48 range.  As a result, traders are now evaluating the pair’s progress within the context of some historical trading ranges.  One such range involves the move from 199.50 to 116.25, and the 167.70 area represents the 61.8% retracement while the 179.85 area represents the 76.4% retracement.

Another important range relates to the depreciation from 239.35 to 116.25 where the 163.31 and 177.85 areas represent the 38.2% and 50% retracements.  Another important level is the 174.83 area, which represents the 23.6% retracement of the move from 364.49 to 116.25.  An additional important technical level is the 165.25 area, representing the 38.2% retracement of the move from 302.20 to 80.60.  Traders will be interested to see if ETH/USD can derive technical support around some of these levels during pullbacks.  Important levels above the market include the 193.55 level.

Price activity is nearest the 50-bar MA (4-hourly) at 176.04 and the 50-bar MA (Hourly) at 183.78.

Technical Support is expected around 170.00/ 164.89/ 156.47 with Stops expected below.

Technical Resistance is expected around 199.50/ 206.68/ 225.78 with Stops expected above.

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

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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