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Bitcoin Puts The Heat On The Bears

Bitcoin bears have been very confident lately as some of the popular accounts on Twitter turned bearish. For me, that was one of the biggest red flags for the bearish case. These accounts almost always mislead their followers and the same thing happened today as you can see. They have been actively boasting about their bearish positions since $9.2k and now the price has pumped past $9.4k and we expect it to go higher near-term. The key to success in any market is to against the consensus. If many people agree with you, it means something isn’t right. For the...

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ETH/USD Hits Big Stops Above 239.26 and Powers Higher: Sally Ho's Technical Analysis 21 July 2020 ETH

Ethereum (ETH/USD) extended gains early in today’s North American session as the pair traded as high as the 243.50 level after trading as low as the 233.85 level during yesterday’s North American session.  Stops were elected above the 241.04 and 241.79 levels during the move higher, representing the 76.4% and 78.6% retracements of the recent depreciation from 249.04 to 215.16.  Additional Stops were elected above the 239.39 and 241.65 areas, representing the 50% and 61.8% retracements of the recent depreciation from 249.00 to 229.77.  The next upside retracement levels in this depreciating range include the 244.46 and 244.88 levels.  The...

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BTC/USD Eyes Another Test of 9254 Technical Congestion: Sally Ho's Technical Analysis 21 July 2020 BTC

Bitcoin (BTC/USD) tried to add to recent upward momentum early in today’s Asian session as the pair worked to reclaim the 9245.03 area reached during yesterday’s Asian session, right around the 9243.25 area that represents the 38.2% retracement of the recent depreciation from 9475.00 to 9005.00.  Another reason why this level was toppish is because there is selling pressure around the 9254 – 9257 area related to BTC/USD’s upward moves from 9905.84 in early July, and subsequent selling pressure from the 9475.00 area.  The next upside retracement levels in this range include the 9295.46, 9364.08, and 9374.42 levels.  The pair...

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Bitcoin Traders Remain Bearish

Bitcoin is at a point where it has to make a big move that would be decisive. So far, the near-term outlook remains unchanged and we continue to expect limited upside. The S&P 500 (SPX) shares a similar outlook which indicates that we could see a move higher from here in the cryptocurrency market. The vast majority of traders at this time are bearish. We have a rising number of unhedged shorts which is not a good sign for the bears near-term. The fractal that is currently in the making on the S&P 500 (SPX) indicates that we are close...

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ETH/USD's Bid Falls Short of 241.01 - So Far: Sally Ho's Technical Analysis 20 July 2020 ETH

Ethereum (ETH/USD) tried to reclaim some of its recent gains early in today’s North American session as the pair traded as high as the 238.02 level after trading as low as the 237.16 area during the European session. Traders lifted ETH/USD to a recent multi-session high of 240.00 during the Asian session but soon encountered technical resistance around the 239.26 level during a pullback, representing the 38.2% retracement of the recent appreciation from 223.50 to 249.00.  The 233.24 area represents the 61.8% retracement of the recent appreciation from 223.50 to 249.00, and traders are interested to see if this area...

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