Sally Ho's Technical Analysis 5 August 2019

Bitcoin

Bitcoin (BTC/USD) rocketed higher early in today’s Asian session as the pair advanced to the 11,258.88 level, its strongest showing since 14 July, and right around an important technical level that represents the 38.2% retracement of the move from 13,868.44 to 9,651.00.  The test of this area is technically relevant and chartists are eyeing that range’s next upside target around the 11,759.72 area with another upside target around the 12,257.38 level.  The pair is now comfortably trading above the 200-bar MA (4-hourly), and the 50-bar MA (4-hourly) and 100-bar MA (4-hourly) continue to converge.

Traders elected Stops above the 10,958.60 level, an area that it shied away from testing for several sessions that represents the 50% retracement of the 8,048.75 – 13,868.44 range.  After testing it, some profit-taking ensued that pushed the pair lower to test technical Support at another important area around the 10,810 level. Above current market activity, technicians are eyeing some upside price objectives around the 11,439 and 11,510 areas, with some additional technical Resistance anticipated around the 11,624 – 11,705 levels ahead of additional upside price objectives around the 11,759 and 11,792 levels.

Price activity is nearest the 200-bar MA (4-hourly) at 10,664.97 and the 50-bar MA (Hourly) at 10,783.42.

Technical Support is expected around 10,688.61/ 10,271.87/ 9,671.29 with Stops expected below.

Technical Resistance is expected around 11,510.44/ 11,759.72/ 12,257.38 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

Ethereum

Ethereum (ETH/USD) appreciated early in today’s Asian session as the pair escalated higher to the 228.00 area after traders triggered Stops above the 226.56 area, leading to a test of the 228.32 area that represents the 61.8% retracement of the move from 144.15 to 364.49.  Technicians are observing the 200-bar MA (4-hourly), currently indicating around the 242.99 area, with some Offers seen between the 246 and 249 areas.

Selling pressure is also expected between the 257 and 260 areas. The 257.22 level is an important technical area that represents the 23.6% retracement of the move from 828.97 to 80.60.  Similarly, the 258.92 area represents the 38.2% retracement of the move from 547.40 to 80.60.  The 50-bar MA (4-hourly) is converging with the 100-bar MA (4-hourly) and that represents a bullish development. Likewise, market activity is currently trading above the 50-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 216.78 and the 50-bar MA (Hourly) at 221.14.

Technical Support is expected around 217.55/ 209.75/ 197.56 with Stops expected below.

Technical Resistance is expected around 239.20/ 246.88/ 257.22 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.