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Sally Ho's Technical Analysis 20 March 2020 BTC ETH

 
Sally Ho's Technical Analysis 20 March 2020 BTC ETH
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair traded as high as the 6361.00 level, its strongest level since 12 March, as traders elected Stops above the 5787.42 area during yesterday’s North American session, an upside price objective related to buying pressure that emerged around the 3858.00 area last week.  Additional Stops were triggered above the 5980, 6053, and 6122 areas during the move higher, and traders are waiting to see if another upside price objective around the 6383 area will be tested.  Above that area, traders are observing upside price objectives around the 6481 and 6572 levels

Following some of the pair’s recent technical resistance around the 5985.00 area, traders were closely watching the 3792, 3274, 2634, and 1599 levels as downside targets. 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.  Below current market activity, traders are 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 5616.38 and the 200-bar MA (Hourly) at 5649.93.

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

Technical Resistance is expected around 6383.43/ 6440.82/ 6993.10 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 earlier gains early in today’s Asian session as the pair traded as high as the 141.68 area after Stops were elected above the 125.08, 133.37, and 138.30 levels.  Some of these areas represented upside price objectives related to buying pressure that emerged around the 90.00 area on 13 March.  Notably, the 125.08 area represented an upside price retracement level that represents the 61.8% retracement of the move from 146.77 to 90.00.  Some upside price objectives related to buying pressure that emerged around the 90.00 area include the 130.67 and 133.40 levels.  The market has been supported around the 100.50 area for several trading sessions, and has been bid from around the 111.69 area since Wednesday’s North American session.  Upside price objectives include the 143.19, 144.03, and 153.22 levels.

Traders are curious to see if technical support will emerge around the 116.25 area, a very important technical level because it is right around 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 111.69, 103.40, 95.66, 90.00, and 80.60 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 128.76 and the 200-bar MA (Hourly) at 129.95.

Technical Support is expected around 124.81/ 119.84/ 115.50 with Stops expected below.

Technical Resistance is expected around 153.22/ 156.77/ 159.62 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.

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