Sally Ho's Technical Analysis 12 November 2019

Bitcoin

Bitcoin (BTC/USD) depreciated early in today’s Asian session as the pair fell to the 8690.00 level after being capped around the 8787.86 level during yesterday’s North American session. The pair had previously tested the 8590.00 level.  The pair’s recent range expansion has some traders focusing on longer-term ranges and their impact on BTC/USD.  One level the pair had been orbiting before its recent down move was the 9301.26 area, representing the 38.2% retracement of the 7296.44 – 10540.49 range.  That area is also near another important retracement level, namely the 9269.57 level that represents the 50% retracement of the broader 4670.69 – 13868.44 range.  Below current market activity, the next retracement level related to this broader range is the 8184.23 area, and some decent Stops are likely in place below.  Above current market activity, the next retracement level related to this broader range is the 10354.90 area, with some Stops like in place above.

Longer-term BTC/USD traders also observe that current market activity recently orbited the 9385.99 area, the 61.8% retracement level of another range, specifically the move from 6615.28 to 13868.44.  Below that level, the 8327.03 area represents the 76.4% retracement of that range and may provide technical Support. Above that level, the 10241.86 area represents the 50% retracement of that range and may provide technical Resistance and selling pressure, with some Stops likely in place above.   A couple of additional important levels to monitor include the 8947.18 and 9887.63 areas, representing the 76.4% and 61.8% retracements of the 7427.00 – 13868.44 range.

Price activity is nearest the 50-bar MA (4-hourly) at 8,559.70 and the 50-bar MA (Hourly) at 8,840.10.

Technical Support is expected around 8502.35/ 8062.04/ 7343.17 with Stops expected below.

Technical Resistance is expected around 9130.00/ 9378.16/ 9774.89 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 traded as low as the 183.77 area after trading as high as the 187.02 area during yesterday’s North American session.  As traders have recently knocked the pair lower from the 194.60 level and short-term trading ranges have expanded, traders are focusing on some additional levels including the 191.40 area that represents the 23.6% retracement of the 318.60 – 152.11 range.  If traders are able to take out the recent 199.50 high and absorb the psychologically-important 200.00 figure, attention will again focus on the 202.23 area, representing the 23.6% retracement of the broader 364.49 – 152.11 range. Stops are likely in place above this area.

Chartists note that before ETH/USD is able to test those areas, it must first challenge the 197.56 area, representing the 76.4% retracement of the important 146.00 – 364.49 range. Another very important broader range is the 122.75 – 364.49 range, and the 179.80 area represents the 76.4% retracement of that range, with the 215.09 area representing the 61.8% retracement of that range.  Longer-term ETH/USD traders and market technicians are also keeping tabs on the much broader 100.15 – 364.49 range, where the 201.10 and 162.52 areas represent the 61.8% and 76.4% retracements.

Price activity is nearest the 50-bar MA (4-hourly) at 179.60 and the 50-bar MA (Hourly) at 186.94.

Technical Support is expected around 180.43/ 177.39/ 175.02 with Stops expected below.

Technical Resistance is expected around 187.66/ 191.32/ 194.60 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.