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Sally Ho's Technical Analysis 8 February 2020 BTC ETH

 
Sally Ho's Technical Analysis 8 February 2020 BTC ETH
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) slipped marginally lower early in today’s Asian session as the pair receded to the 9761.01 area after trading as high as the 9885.00 level during yesterday’s European session, its strongest print since late OctoberStops were recently elected above the 9805 and 9845 areas during the pair’s move higher, levels that represent upside price objectives related to recent relative lows around the 7671.00 and 6430.00 levels.  Traders anticipate additional Stops around the 9961 and 9963 levels ahead of the psychologically-important 10000 figure.  Above this psychologically-important 10000 figure, upside price objectives include the 10060, 10104, 10167, 10313, and 10443 areas, all of which correspond to buying pressure that emerged around the 6430.00 and 6854.67 areas in late December and early January.

This latest round of buying pressure has seen areas of technical support move higher and traders are now eyeing levels such as the 9491, 9382, 9247, 9050, 9039, and 8854 areas where demand could emerge.  Many traders believe it is only a matter of time before the 10000 level is again tested and absorbed.  The 50-bar MA (4-hourly) is currently indicating around the 9435 level, and given the market’s trading activity far above this level it would appear market sentiment will likely continue to favour a stronger BTC/USD in the short-termStops are expected above the 10060, 10187, and 10313 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 9435.74 and the 50-bar MA (Hourly) at 9721.90.

Technical Support is expected around 9370.10/ 9128.51/ 8156.16 with Stops expected below.

Technical Resistance is expected around 9963.74/ 10167.80/ 10313.70 with Stops expected above.  

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

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

 

Ethereum (ETH/USD) receded lower early in today’s Asian session as the pair sank to the 220.24 area after trading as high as the 224.78 area during yesterday’s European session, a new multi-month high.    The pair stopped just short of testing the 225.78 area, a major upside price objective that became relevant after bids emerged at key levels following the pair’s December low around the 116.25 area.  An additional upside price objective that traders are monitoring includes the 229.46 area, representing the 61.8% retracement of the move from 146.00 to 364.49

If Stops are reached above the 225.78 area and the 229.46 area is challenged, additional upside price objectives that will come into view include the 243.62 and 248.88 areas, with the 255.25 level being an additional upside price objective.  Another technically-significant area is the 249.90 area, representing the 76.4% retracement of the move from 302.20 to 80.60.  Following the pair’s ongoing upside trajectory, areas of potential technical support during pullbacks lower have changed and they include the 216.49, 215.22, 211.85, and 209.31 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 194.13 and the 50-bar MA (Hourly) at 213.66.

Technical Support is expected around 195.32/ 183.33/ 170.00 with Stops expected below.

Technical Resistance is expected around 225.78/ 229.46/ 243.62 with Stops expected above.

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

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

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