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Sally Ho's Technical Analysis 4 March 2020 BTC ETH

Sally Ho's Technical Analysis 4 March 2020 BTC ETH

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair moved higher to the 8751.21 level after finding support around the 8635.31 area during yesterday’s European session.  BTC/USD had earlier traded as high as the 8973.45 level during yesterday’s Asian session before depreciating.   Traders continue to evaluate the pair’s recent depreciation from the 10522.51 area to determine if more selling pressure could be in store, or if the pair has established a relative low for the foreseeable future.  The 8552 area was an important downside price objective that was tested last week, one that became important after selling pressure commenced around the 9681.56 area following offers that recently capped the pair around the 10030.00 levelStops were elected last week below the 8552 level, pushing the market as low as the 8520.00 area.  Chartists note that selling pressure commenced around the 50-bar MA (4-hourly) during yesterday’s price activity.

A steady rebound higher saw the market escalate higher to the 8972.92 level before coming off to the 8428.80 area.  Another range that traders are carefully monitoring relates to selling pressure that emerged around the 10030.00 area and continued around the 9681.56 area.  The 8320 area is the next downside retracement level in this range, followed by the 7793 area.  Another broader range that traders are watching is the appreciation from the 3128.89 area to the 13868.44 area.  The 50% retracement of this range is the 8498.67 level, and Stops were elected below this area recently.  Another important downside retracement level is the 8338.78 area.  Additional downside areas of potential technical support include the 8298.90, 8229.45, 8062.25, and 7963.25 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 8862.79 and the 50-bar MA (Hourly) at 8751.81.

Technical Support is expected around 8343.96/ 8062.25/ 7963.25 with Stops expected below.

Technical Resistance is expected around 9121.40/ 9370.00/ 10534.04 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) rallied higher early in today’s Asian session as the pair gained ground to the 224.43 area after finding buying pressure around the 220.00 area during yesterday’s European session.  The pair had traded as high as the 234.01 level during yesterday’s Asian session before retracing lower.  Chartists note that price activity was capped below the 50-bar MA (4-hourly) and 200-bar MA (hourly) yesterday.  Traders continue to assess the pair’s recent downward movements to discern whether the pair has established a relative low for the time being, or if the pair is likely to extend its recent market weakness and plumb new relative lows.  One range that traders are monitoring involves the selling pressure that emerged around the 278.13 area on 24 February and became extended after additional selling pressure emerged around the 239.00 area on 27 February.  One indication of the technical significance of this range relates to last week’s price activity around the 214.88 area, the next downside retracement area in this range.

Bids initially lifted price activity when it tested this area on 26 February and 27 February, but selling pressure eventually knocked the pair lower and Stops were elected below, pushing the pair as low as the 209.26 area.  The next downside price objectives related to this range include the 195.34, 175.80, and 151.62 areas.  Another narrower range that traders have recently been monitoring involves the initial selling pressure that started around the 290.00 area and continued around the 274.00 area.  The 221.94 level was a downside technical exhaustion level related to this selling pressure, and Stops were triggered below this area last week as the pair declined to the 209.26 level.  Traders will be very interested to see how price activity reacts around the 221.94 area in the future.

Price activity is nearest the 50-bar MA (4-hourly) at 230.61 and the 100-bar MA (Hourly) at 224.62.

Technical Support is expected around 209.25/ 203.25/ 192.10 with Stops expected below.

Technical Resistance is expected around 253.75/ 260.41/ 270.09 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.

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