Sally Ho's Technical Analysis 20 October 2019

Bitcoin

Bitcoin (BTC/USD) retreated lower early in today’s Asian session as the pair traded as low as the 7896.01 area following steady selling pressure after the pair failed to sustain a break above the 8000 figure. During yesterday’s North American session, the pair weakened to the 7873.46 area and quickly retraced higher to the 8099.98 area before ceding some intraday gains.  A few Stops were elected below the 7887.32 area during the pair’s quick move lower yesterday, a level that represents the 23.6% retracement of the 8124.42 – 7814.08 range.  Some additional Stops were then triggered above the 8051.18 area, representing the 76.4% retracement of the range.

Chartists are observing that the 100-bar MA (4-hourly) just crossed above the 50-bar MA (4-hourly), a potentially bearish development, and price activity continues to trade below both of them. Also, the pair was unable to sustain a break above the 100-bar MA (hourly) during yesterday’s European session, and continues to orbit the 50-bar MA (hourly). Below current market activity, traders are monitoring the 7701.00 area and also anticipate some buying pressure around the 7508 area.

Price activity is nearest the 50-bar MA (4-hourly) at 8,155.80 and the 50-bar MA (Hourly) at 7,961.34.

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

Technical Resistance is expected around 8560.50 /9,071.00/ 9,651.00 with Stops expected above.

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

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

Ethereum

Ethereum (ETH/USD) weakened early in today’s Asian session as the pair fell back to the 170.85 level after trading as low as the 169.72 area late in yesterday’s North American session. Traders observed some volatility during yesterday’s North American session when the pair quickly sank to the 170.50 area before recovering and testing the 175.50 area, just above the 61.8% retracement of the move from 179.71 to 168.34.  Traders are carefully monitoring price activity around the 171.02 area, a level that represents the 23.6% retracement of the 179.71 – 168.34 range.

Chartists have noted that the 100-bar MA (4-hourly) just crossed above the 50-bar MA (4-hourly), a potentially bearish development, and price activity continues to trade below both of them. Likewise, the pair came close to testing the 100-bar MA (hourly) during yesterday’s European session but was unable to push higher and quickly moved back below the 50-bar MA (hourly).  Below current market activity, traders anticipate some buying interest around the 165.25 area and the 162.93 area.

Price activity is nearest the 50-bar MA (4-hourly) at 178.58 and the 50-bar MA (Hourly) at 173.11.

Technical Support is expected around 167.80/ 165.25/ 162.93 with Stops expected below.

Technical Resistance is expected around 172.88 /179.84/ 183.33 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 Bearishly below MACDAverage.