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Sally Ho's Technical Analysis 16 March 2020 BTC ETH

 
Sally Ho's Technical Analysis 16 March 2020 BTC ETH
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) experienced very volatile movements early in today’s Asian session as the pair traded as high as the 5985.00 level after trading as low as the 5163.16 area during yesterday’s North American session.  The 5985.00 level represented an upside price objective related to buying activity that commenced around the 4860.00 area during Saturday’s Asian session.  One range that traders are carefully monitoring is the appreciation from last week’s recent relative low around the 3858.00 area to the 5995.00 levelBids have emerged above the 5178.67 area during recent sessions, right around the 38.2% retracement of the appreciationBuying pressure had earlier materialised at or just below the 4925.60 area, representing the 50% retracement of the appreciating range, and traders await indications the markets may move above or below this short-term range.

Last week’s significant depreciation involved some of the most acute downward price activity ever experienced by BTC/USD traders.  As traders decoupled from the risks associated with BTC/USD, a series of major Stops were elected below key price levels, and these price areas included the 7793, 7417, 7265, 6993, 6613, 6468, 6345, 5619, 5558, 5329, and 4509 levels.  During the pair’s modest recovery, the pair as high gained ground to the 5885 level, came off to the 4696.55 area, gained ground to the 5995.00 level, and then fell back to the 4924.97 area before moderating.  Below current market activity, traders were closely watching levels including the 4342, 3688, 2882, and 2673 levelsStops are likely in place below these levels.

Price activity is nearest the 50-bar MA (4-hourly) at 6846.13 and the 50-bar MA (Hourly) at 5347.50.

Technical Support is expected around 4342.13/ 3688.61/ 2882.04 with Stops expected below.

Technical Resistance is expected around 5995.00/ 6345.00/ 6993.10 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum (ETH/USD) was quite volatile early in today’s Asian session as the pair escalated higher to the 134.10 level after encountering buying pressure around the 119.85 area.  Stops were elected above the 133.40 area during the ascent higher, an upside price objective related to recent buying pressure around the 106.43 area.  Traders are closely monitoring price activity relative to a recent range, namely the recent appreciation from the multi-month low around the 90.00 area and subsequent appreciation to the 148.00 area.  The market had been supported around the 125.84 area for several trading sessions, representing the 38.2% retracement of the appreciating range.  Prior to that, the market found some technical support around the 116.25 area, a very important technical level because it represented the previous recent relative low from late December.

Last week’s major sell-off saw ETH/USD experience one of its most dramatic sell-offs ever, a move that exacerbated the downturn from the 290.00 area that began in February.  Traders exited long positions and decoupled from risk associated with ETH/USD and a series of major Stops were triggered during the crushing move lower at many levels.  These price areas included the 177.39, 161.62, 154.03, 133.40, 130.67, 105.18, and 101.76 levels.  Additional downside price objectives include the 118.39, 111.69, 103.40, 95.66, 90.00, and 80.60 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 185.55 and the 50-bar MA (Hourly) at 127.12.

Technical Support is expected around 115.18/ 100.15/ 95.66 with Stops expected below.

Technical Resistance is expected around 140.95/ 144.19/ 150.17 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 

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