Sally Ho's Technical Analysis 24 October 2019

Bitcoin

Bitcoin (BTC/USD) was slightly weaker early in today’s Asian session as the pair fell back to the 7430.02 area after trading as low as the 7296.44 area during yesterday’s North American session.  Selling pressure emerged during Tuesday’s North American session when traders started driving the pair lower from the 8317.14 level and intensified early in yesterday’s North American session when the price declined below the 7300 figure.  This represented the pair’s weakest print since mid-May and accelerated after Stops were elected below the 7508.77 area, a relative low from June. Selling pressure was also seen below the 7701 area, a relative low from late September.

Yesterday’s dramatic move lower has tilted market sentiment to the downside even further.  BTC Bears had the strength required to test the 7344.90 area, an important level that represents the 61.8% retracement of the 9949.85 – 3130.62 range.  Below that area, the 7235.95 area represents the 61.8% retracement of the 3136.25 – 13868.44 range, and some buying pressure is likely to be in place above this level.  During yesterday’s North American session, the 7508.77 area emerged as some technical Resistance, representing a relative low from June.

Price activity is nearest the 50-bar MA (4-hourly) at 8,012.39 and the 50-bar MA (Hourly) at 7,945.83.

Technical Support is expected around 7,235.95/ 7,147.97/ 6,865.68 with Stops expected below.

Technical Resistance is expected around 7,814.08/ 8,130.75/ 8,560.50 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

Ethereum

Ethereum (ETH/USD) remained volatile early in today’s Asian session as the pair fell back to the 160.62 area after spiking to the 174.05 area during yesterday’s North American session and testing the 50-bar MA (4-hourly), then indicating around the 173.06 area. The pair has beed given since Monday’s North American session when selling pressure emerged around the 177.24 area, intensifying during yesterday’s Asian session and then accelerating during yesterday’s North American session down to the 153.00 figure.  Stops were elected below the 162.93 area during the pair’s descent, representing the 76.4% retracement of the 152.11 – 197.97 range.  Yesterday’s rebound from 153.00 to 174.05 during the North American session was not anticipated by many traders.

Additional Stops were triggered below the 157.39 area during the downturn, a relative low from May that was breached in September.  The worsening market sentiment has opened up some new downside targets that traders are carefully monitoring.  The 152.11 area is another relative low from September and the 146.00 level is a relative low from April.  Between those levels, some buying interest may emerge around the 147.60 area, representing the 76.4% retracement of the move from 80.60 to 364.49. 

Price activity is nearest the 50-bar MA (4-hourly) at 172.67 and the 50-bar MA (Hourly) at 168.11.

Technical Support is expected around 153.00/ 146.00/ 136.34 with Stops expected below.

Technical Resistance is expected around 175.02/ 180.45/ 183.33 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.