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Major Markets Spell Trouble For Bitcoin

Bitcoin price action will continue to be boring for the next few days. Until we have a retest of the top of the symmetrical triangle, BTC/USD will continue to linger on and slowly make its way towards the retest. However, this is a time to look at the big picture and see what we can expect next and how to be best prepared for the next big move which we are very close to. The S&P 500 (SPX) is currently at a similar point where we are looking for near-term upside. However, both the stock market and the cryptocurrency market...

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ETH/USD Begins July With Renewed Focus on 228.03: Sally Ho's Technical Analysis 1 July 2020 ETH

Ethereum (ETH/USD) saw some weakness early in today’s North American session as the pair depreciated to the 226.77 level after failing to sustain a move to the 228.84 level during the European session, just above the 78.6% retracement of the recent depreciation from 229.98 to 222.93.  Another short-term range that traders are monitoring is the appreciation from 215.16 to 229.98.  Technical support has recently emerged above the 222.57 and 224.32 levels during a couple of pullbacks lower, representing the 50% and 38.2% retracements of this appreciating range.  Traders observe that the 228.70 area is technically significant as it represents the...

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BTC/USD Ends June Down More Than 4%: Sally Ho's Technical Analysis 1 July 2020 BTC

Bitcoin (BTC/USD) attempted to resume some recent upward pressure above the 9000 figure early in today’s Asian session as traders awaited additional clues regarding market sentiment.  During yesterday’s Asian session, the pair escalated higher and tested the 9236.75 area, powered by bids that emerged around the 9014.00 level, right around the 78.6% retracement of the recent appreciation from 8632.93 to 10428.00.  Traders are paying attention to the recent depreciating range from 10428.00 to 8815.01, with the 9195.68 area representing the 23.6% retracement of this range and an important area that BTC/USD bulls will need to build upon if they are...

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Bitcoin Bulls Have Lost The Momentum

Bitcoin has been struggling to break towards the trend line resistance to test it again before the subsequent decline. However, it does not have enough bullish momentum for me to decide to be bullish on the market even near-term. The conditions are ripe for a major downtrend from this point forward but we just need to sit this out and wait for BTC/USD to face rejection at the top of the symmetrical triangle. We have the same situation with the stock market. The NASDAQ 100 (US100) has run into a key trend line resistance and faced a rejection. The last...

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ETH/USD Tests 225.48 Technical Support: Sally Ho's Technical Analysis 30 June 2020 ETH

Ethereum (ETH/USD) gained slight ground early in today’s North American session as the pair improved to the 227.50 area after encountering bids emerged around the 225.71 area during the Asian session.  During the move lower, the pair tested the 225.48 area, representing the 50% retracement of the recent appreciation from 220.98 to 229.98.  The 226.48 area represents the 23.6% retracement of the recent appreciation from 215.16 to 229.98, and traders are seeking to determine market direction from this level.  Below recent price activity, the 224.42 and 224.32 levels are notable areas of possible short-term technical support, with the 222.57 area...

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