Sally Ho's Technical Analysis 23 September 2019

Bitcoin

Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair traded as low as the 9920.70 area following selling pressure late in yesterday’s North American session that commenced around the 10077.11 area, just above the 38.2% retracement of the 9585.86 – 10379.15 range.  The pair’s directional bias is uncertain at the moment as the 10379 level acted as technical Resistance over the past several days and the 9585 area acted as technical Support over the past several days.

Above market activity, the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly) are converging and are likely to provide some additional technical Resistance for BTC/USD.  Above those moving averages, the 10543 and 10820 areas are upside targets.  Below market activity, traders are very interested to see how BTC/USD trades around the 9532.39 level, representing the 38.2% retracement of the 19891.99 – 3128.89 range.  Also, the 9285.48 level represents the 50% retracement of the 4702.53 – 13868.44 range.

Price activity is nearest the 50-bar MA (4-hourly) at 10,141.19 and the 50-bar MA (Hourly) at 10,005.80.

Technical Support is expected around 9,703.49/ 9,532.39/ 9,265.49 with Stops expected below.

Technical Resistance is expected around 10,557.58/ 10,833.14/ 10,939.34 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

Ethereum

Ethereum (ETH/USD) depreciated early in today’s Asian session as the pair moved lower to the 207.80 level, extending its steady sell-off that began late last week around the 224.80 area.  Some technical Support emerged late in yesterday’s North American session around the 206.02 area, just above the 50-bar MA (4-hourly). ETH/USD traded below a short-term technical Support level around the 206.58 area and this opens up the 205.22 area as an immediate downside target for the pair, representing the 38.2% retracement of the 173.70 – 224.71 range.

If the pair continues to depreciate and moves below the psychologically-important 200.00 figure, traders will pay very close attention to price activity around the 199.21 area, representing the 50% retracement  of the 173.70 – 224.71 range.   Below that area, other important downside price objectives include the 193.19 and 185.74 areas. Some chartists are also observing additional downside price objectives around the 197.56 and 191.40 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 206.04 and the 200-bar MA (Hourly) at 205.56.

Technical Support is expected around 197.56/ 191.40/ 188.38 with Stops expected below.

Technical Resistance is expected around 213.84/ 217.55/ 226.56 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.