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Sally Ho's Technical Analysis 7 March 2020 BTC ETH

Sally Ho's Technical Analysis 7 March 2020 BTC ETH

Bitcoin (BTC/USD) notched small gains early in today’s Asian session as the pair traded as high as the 9126.57 area after encountering buying pressure around the 9000.01 area during yesterday’s Asian session.  Traders had earlier pushed the pair as high as the 9182.08 area during yesterday’s European session before coming off.    Chartists are observing that the pair is trading just below the 100-bar MA (4-hourly). Following the pair’s ongoing sideways trading pattern, traders are struggling to determine if market sentiment favours an appreciation of BTC/USD, or a depreciation of BTC/USD.  Earlier in the week, trading activity was capped around the 8973.45 area after bids emerged around the 8400.00 area.  Notably, that early intraweek high was right around a downside price extension objective related to selling pressure that emerged around the 10030.00 area, the latest example of a previous technical support area now serving as technical resistance.

Chartists note that buying pressure also emerged earlier this week above the 8619.06 area, a level that represents the 61.8% retracement of the appreciation from 8400.00 to 8973.45Bids later emerged over several trading sessions right around the 8686.73 area, a level that represents the 50% appreciation of this range.  Similarly, selling pressure emerged around the 8838.12 level, an area that represents the 23.6% retracement of this appreciation.  This trading activity is indicative of the short-term technical trading biases that dominated the markets this week.  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 9291.49, 9363.29, 9467.00, and 9561.24 areas.

Price activity is nearest the 100-bar MA (4-hourly) at 9170.21 and the 50-bar MA (Hourly) at 9034.34.

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

Technical Resistance is expected around 9291.49/ 9363.29/ 9467.00 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) extended recent gains early in today’s Asian session as the pair traded as high as the 241.04 area after trading as low as the 226.69 area during yesterday’s Asian session.  The pair tested the 100-bar MA (4-hourly) as it extended its steady climb and recently traded at its strongest level since 25 February, the latest indication it is working to move above its sideways trading pattern.  The recent rangebound trading activity of ETH/USD has challenged traders who are trying to determine if market sentiment will improve and favour a stronger pair, or degrade and favour a weaker pair.  Earlier in the week, the market traded as low as the 211.50 area and traded as high as the 234.50 area.  Late last week, the market traded as high as the 239.00 area, a level that was right around a downside price objective related to selling pressure that emerged around the 278.13 level on 24 February.

This is also another example of a previous area of technical support now serving as technical resistance. Chartists note that buying pressure emerged this week during a pullback around the 220.00 level, right around the 61.8% retracement of the appreciation from 211.50 to 234.50.  The market then appreciated to the 228.83 area, just below the 23.6% retracement of the same range, before depreciating to the 220.39 area, right around the aforementioned 61.8% retracement area.  Below current price activity, additional downside areas of potential technical support include the 234.60, 229.46, and 225.01 levels.  Above current price activity, upside areas of potential technical resistance include the 243.62, 246.88, and 249.90 levels.

Price activity is nearest the 100-bar MA (4-hourly) at 241.82 and the 50-bar MA (Hourly) at 232.00.

Technical Support is expected around 229.88/ 225.54/ 220.00 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 Bullishly above 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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