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Sally Ho's Technical Analysis 6 March 2020 BTC ETH

Sally Ho's Technical Analysis 6 March 2020 BTC ETH

Bitcoin (BTC/USD) extended recent gains early in today’s Asian session as the pair traded as high as the 9132.14 level after strong bids emerged around the 8697.92 level during yesterday’s Asian session.  Stops were elected above the 50-bar MA (4-hourly) during the ascent and later triggered above the 9117 area, a downside price objective related to a recent relative high around the 10030 level.  Chartists are observing that one of the pair’s next upside obstacles is the 100-bar MA (4-hourly), followed by the 9291 area, another downside price objective now serving as upside technical resistance.   The pair appears to have broken above a nine-day sideways trading pattern.

Chartists also note that the 50-bar MA (hourly) also bullishly crossed above the 200-bar MA (hourly), and that the 100-bar MA (hourly) also just bullishly crossed above the 200-bar MA (hourly), suggesting additional price appreciation could occur. Traders are watching to see if price activity can remain supported above the 8552.95 area, another downside price objective that price activity tested last week and is related to selling pressure that emerged around the 9681.44 area.  Below current price activity, additional downside areas of potential technical support include the 8862, 8774, 8685, and 8576 levels. Above current price activity, upside areas of potential technical resistance include the 9291, 9363, 9398, and 9465 levels

Price activity is nearest the 100-bar MA (4-hourly) at 9233.72 and the 50-bar MA (Hourly) at 8851.78.

Technical Support is expected around 8971.86/ 8862.58/ 8774.26 with Stops expected below.

Technical Resistance is expected around 9291.49/ 9465.78/ 9681.44 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 

Ethereum (ETH/USD) appreciated early in today’s Asian session as the pair reached the 233.30 level after trading as low as the 221.18 level early in yesterday’s Asian session.   The pair has not yet moved fully above and beyond its multi-day sideways trading pattern but did cover some ground after Stops were elected above some important technical levels.  First, Stops were elected above the 229.07 area, representing the 23.6% retracement of the move from 211.50 to 234.50.  Second, Stops were triggered above the 232.51 level, representing the 76.4% retracement of the depreciation from 239.00 to 211.50

Some bullish indications emerged earlier in the week when the 50-bar MA (hourly) bullishly crossed above the 100-bar MA (hourly), and chartists note the 50-bar MA (hourly) was converging with the 200-bar MA (hourly).  A couple of important technical levels that traders are watching include the 217.55 and the 209.75 area.  The 217.55 area represents the 61.8% retracement of the move from 302.20 to 80.60 and the 209.75 area represents the 23.6% retracement of the move from 627.83 to 80.60.  Below current price activity, additional downside areas of potential technical support include the 225, 223, and 220 levels.  Above current price activity, upside areas of potential technical resistance include the 239, 243, and 249 levels.

Price activity is nearest the 200-bar MA (4-hourly) at 237.21 and the 50-bar MA (Hourly) at 226.57.

Technical Support is expected around 225.71/ 220.29/ 214.88 with Stops expected below.

Technical Resistance is expected around 239.00/ 243.62/ 249.90 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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