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Sally Ho's Technical Analysis 5 March 2020 BTC ETH

Sally Ho's Technical Analysis 5 March 2020 BTC ETH

Bitcoin (BTC/USD) gradually drifted lower early in today’s Asian session as the pair came off to the 8700.00 area after trading as high as the 8847.00 area during yesterday’s European session.  Price activity continues to encounter technical resistance around the 50-bar MA (4-hourly), a development that has occurred repeatedly since Tuesday’s Asian session.  Despite today’s early weakness, the pair regained some ground at the beginning of the week when bids lifted the pair from the 8400.00 area, challenging some of the offers that emerged around levels such as 8552.95 that previously represented downside price objectives.  Previous downside price objectives related to selling pressure that emerged around the 10030.00 area on 24 February also include the 9117, 9291, 9465, and 9681 levels

There were some additional indications early this week that the market could be staging a comeback, as buying pressure emerged around the 50-bar MA (hourly), evidence that technical bids were able to drive the pair higher.  Additional momentum-related buying activity pushed BTC/USD higher and price activity began to test some short-term resistance levels, such as the 8882 area.  Below current price activity, additional downside areas of potential technical support include the 8298.90, 8229.45, 8062.25, and 7963.25 levels.  Above current price activity, upside areas of potential technical resistance include the 8901, 9117, 9291, and 9465 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 8781.32 and the 100-bar MA (Hourly) at 8709.05.

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) weakened early in today’s Asian session as the pair came off to the 221.18 area after trading as high as the 228.83 level during yesterday’s Asian session.  Price activity continues to encounter technical resistance around the 50-bar MA (4-hourly) following selling pressure that commenced during Tuesday’s Asian session.   Buying pressure lifted the pair higher earlier in the week when bids emerged around the 211.50 area, reinforced by buying pressure that emerged around the 214 level, an area that was a downside price objective related to selling pressure that emerged on 24 February around the 278.13 level.  Another upside level related to the offers that emerged around the 278.13 area is the 239 area.  Some additional selling pressure emerged last week when the 100-bar MA (4-hourly) crossed above the 50-bar MA (4-hourly), and more recently the 200-bar MA (4-hourly) has crossed above the 50-bar MA (4-hourly).

Another very important technical level featured prominently earlier in the week, namely the 213.84 area that represents the 76.4% retracement of the depreciation from the 255.00 area to the 80.60 area.  This level was tested several times in late February and bids emerged numerous times, with additional buying pressure just above this area earlier this week.  Below current price activity, additional downside areas of potential technical support include the 210.72, 209.26, and 201.38 levels.  Above current price activity, upside areas of potential technical resistance include the 229.88, 233.00, and 242.85 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 226.48 and the 100-bar MA (Hourly) at 224.03.

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

Technical Resistance is expected around 233.00/ 246.88/ 253.75 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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