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Sally Ho's Technical Analysis 8 October 2019

Bitcoin Bitcoin (BTC/USD) retreated lower to the 8208.99 level early in today’s Asian session after trading as high as the 8310.57 level during yesterday’s North American session.  Buying pressure became active during yesterday’s Asian session when traders lifted the pair from the 7762.35 area, preventing BTC/USD from then testing the 7701 area that it tested twice in late September.  Yesterday’s buying activity continued well into yesterday’s European session, lifting BTC/USD as high as the 8060.53 area, right around a previous relative low related to a prior move higher to the 13878.80 area. BTC/USD is again approaching its 50-bar MA (4-hourly)...

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Ethereum (ETH) Runs Into Strong Trend Line Support Turned Resistance

Ethereum (ETH) has run into a strong trend line support turned resistance after a massive liquidity hunt when the market makers shook out most of the retail bears looking for easy money as the price declined below a key support. This has now made the bulls more confident as many of them are anticipating the beginning of a bull trend from this point forward. The reality on ground is that ETH/USD still remains below the 38.2% fib retracement level and is now trading in heavily overbought conditions. This is why there is a very low probability of it rallying much...

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Bitcoin (BTC) Could Trap More Bulls Before Next Decline

Bitcoin (BTC) shot up to test a previously broken support as resistance. It happen when we saw a break out of a smaller falling wedge within the large falling wedge. This was a bullish development short term but it was aimed at distracting traders from what is about to come. As expected, the bulls started to flock when it happened and now we have seen the price rally towards the top of the large falling wedge once again. The price has currently seen resistance at the 61.8% fib extension level but it could rally higher from there if this move...

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Bitcoin (BTC) Likely To Decline Deeper Within The Falling Wedge

Bitcoin (BTC) is struggling to break past the 61.8% fib extension level but so far there is not enough momentum for a successful breakout. The probability of such a break to the upside also remains low considering the price has a lot of room to decline within the falling wedge. The reason a decline is more likely at this point is because the price is now trading under extremely overbought conditions on shorter time frames. On the 4H chart, we see that the Stochastic RSI shot up significantly in a very short period of time. In addition to that, the...

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Sally Ho's Technical Analysis 7 October 2019

Bitcoin Bitcoin (BTC/USD) extended some recent weakness early in today’s Asian session as the pair traded as low as the 7801.00 level following weakness during yesterday’s North American session.  Trading conviction remains muted as market sentiment is showing neither a Bullish bias nor a Bearish bias in the medium-term, and this is keeping the pair confined to a relatively narrow range above the 8000 figure.  If the pair is going to make an upside charge, it must derive enough momentum to absorb selling pressure around the 8211.08 area, representing the 50% retracement of the move from 8419.95 to 8002.21. Above...

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