Published
4 years ago on
February 05, 2020
Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair escalated higher to the 9186.47 area after trading as low as the 9078.81 area during yesterday’s European session. After spiking higher to the 9619.95 area during Monday’s Asian session, the pair has weakened and technical support that was in place around the 50-bar MA (4-hourly) has given way. This 9619.95 recent high was just above the 9596.92 area that represents the 76.4% retracement of the move from 10545.53 to 6526.00. Notably, buying pressure has emerged around the 38.2% retracement of the move from 8216.71 to 9619.95.
The next downside retracement levels in that range include the 8918.33, 8752.75, and 8547.87 levels. Some Stops were elected below the 9160.00 area during the pullback lower, representing the 23.6% retracement of the move from 7671.00 to 9619.95. Traders are looking to see if technical support will keep the pair bid above the 8967.34 area, representing the 23.6% retracement of the move from 6854.67 to 9619.95, as well as the 8867.12 area, representing the 23.6% retracement of the 6430.00 – 9619.95 range. Chartists anticipate Stops below the 8645.48, 8563.61, and 8401.39 areas.
Price activity is nearest the 50-bar MA (4-hourly) at 9,284.54 and the 50-bar MA (Hourly) at 9,268.63.
Technical Support is expected around 8156.16/ 7662.03/ 7568.45 with Stops expected below.
Technical Resistance is expected around 9619.95/ 9757.64/ 9963.74 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Ethereum (ETH/USD) appreciated early in today’s Asian session as the pair traded as high as the 188.88 area after finding buying pressure around the 184.29 area during yesterday’s European session. Traders recently pushed the pair as high as the 195.21 level, its strongest print since late October. Some Stops were recently executed below the 185.60 area during the pullback, representing the 23.6% retracement of the move from 154.48 to 195.21. The next downside levels in this range include the 179.65, 174.85, and 170.04 areas. Stops are anticipated below the 176.09 area, with additional Stops likely in place below the 174.92 area.
Traders are also monitoring other appreciating ranges to evaluate ETH/USD, including the move from 135.12 to 195.21. The 181.03 level represents the 23.6% retracement of that range, and the next downside retracement level is the 172.26 area. Another technically significant range is the move from 116.25 to 195.21. The 176.58 area represents the 23.6% retracement of that range, followed by the 165.05 area. Chartists note that the pair has remained above the 50-bar MA (4-hourly) for several trading sessions and note that the 50-bar MA (hourly) is currently converging with the 100-bar MA (hourly). Below current market activity, the 183.33 area represents the 23.6% retracement of the move from 515.88 to 80.60.
Price activity is nearest the 50-bar MA (4-hourly) at 181.38 and the 50-bar MA (Hourly) at 188.54.
Technical Support is expected around 183.33/ 170.00/ 164.89 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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