Sally Ho’s Technical Analysis 1 October 2019

Bitcoin

Bitcoin (BTC/USD) reversed course early in today’s Asian session as traders pushed the pair lower to the 8275.01 area following its ascent to the 8393.23 area during yesterday’s North American session.  Traders continued to manage risk within the context of a short-term trading pattern that developed after the pair crashed to the 7712.45 area late last week before shorts were covered up to the 8290.00 area.  The relevance of this recent range has been confirmed multiple times since BTC/USD’s dive below the psychologically-important 10000 figure. Bids have emerged above and around the 7848, 7933, 8001, 8069, and 8153 areas, all of which are retracement areas related to this recent range.  A couple of additional levels of importance include the 8502 and 7235 areas, levels that related to the 3136.25 – 13868.44 range.

BTC/USD continues to trade below its 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) and 100-bar MA (hourly) have recently converged and BTC/USD is now trading above both of them, an indication that market bias is becoming flatter.  Above current market activity, traders are watching the 8474.00 area, representing the 23.6% retracement of the 10939.34 – 7712.45 range.  Below current market activity, traders are watching the 7343, 7223, and 6865 areas. BTC/USD Bears are also watching the 5808 and 5176 levels closely.

Price activity is nearest the 50-bar MA (4-hourly) at 8,607.56 and the 100-bar MA (Hourly) at 8,074.29.

Technical Support is expected around 7,712.45/ 7,508.77/ 7,223.25 with Stops expected below.

Technical Resistance is expected around 9,071.00/ 9,651.00/ 10,097.80 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

Ethereum (ETH/USD) depreciated early in today’s Asian session as the pair fell to the 177.19 area after escalating to the 181.31 area during yesterday’s North American session. Traders continued to manage risk within the context of the recent range established after the pair acutely weakened below the psychologically-important 200.00 figureBTC/USD Bears took the pair as low as the 152.11 area last week following the dramatic plunge below the 200.00 figure, and a round of short-covering saw the pair escalate back to the 177.24 area before pulling back. A few areas have emerged as important levels and technical Support including the 161.71, 164.68, 167.64, and 171.31 areas.

ETH/USD is trading above its 50-bar MA (4-hourly) but below its 100-bar MA (4-hourly) and 200-bar MA (4-hourly), while it has recently traded below its 200-bar MA (hourly).  If market sentiment continues to deteriorate and the psychologically-important 150.00 figure is breached, traders will pay close attention to the 149.24 area, representing the 61.8% retracement of the 165.62 – 122.75 range.  Below that area, the 144.19 level is another important one and chartists anticipate some buying pressure around the 137 – 139 area.

Price activity is nearest the 50-bar MA (4-hourly) at 178.46 and the 200-bar MA (Hourly) at 179.40.

Technical Support is expected around 147.60/ 144.19/ 136.34 with Stops expected below.

Technical Resistance is expected around 181.31/ 183.33/ 188.38 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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