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Sally Ho's Technical Analysis 24 January 2020 BTC ETH

Sally Ho's Technical Analysis 24 January 2020 BTC ETH

Bitcoin (BTC/USD) extended recent losses early in today’s Asian session as the pair receded to the 8278.00 area, down from the 8791.76 high during Wednesday’s European session.  Given the pair’s inability to sustain its recent break above the psychologically-important 9000 figure, some technically-significant levels remain the focus of traders.  One important technical range is the move from 10540.49 to 6430.00 and one of its important levels is the 8558.56 area, representing the 50% retracement of that range.  The market orbited this area for a few days following its escalation higher to the 9194.99 area last weekend.  Other important levels in that range include the 8000.21 area below current market activity and the 8970.28 area above current market activity.

Another important trading range is the depreciation from the 13202.63 area to the 6430.00 area, and important levels in this range include the 9017.14 level and the 8028.34 level.  Likewise, the 13868.44 area was an important relative high established in June of last year, and the depreciation to the 6430.00 low has established other areas of technical significance. These areas include the 9271.48 and 8185.47 levels.  Below current market activity, technical support is expected around the 8292 and 8223 levels.  Above current market activity, traders anticipate technical resistance around the 8923 and 9131 areas.

Price activity is nearest the 100-bar MA (4-hourly) at 8,434.94 and the 50-bar MA (Hourly) at 8,670.92.

Technical Support is expected around 8156.16/ 7662.03/ 7568.45 with Stops expected below.

Technical Resistance is expected around 9194.99/ 9303.07/ 9593.07 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum (ETH/USD) came off early in today’s Asian session as the pair depreciated to the 158.44 area during yesterday’s North American session after selling pressure emerged around the 171.05 area during Wednesday’s European session.  Many traders have been reluctant to increase or decrease too much ETH/USD risk given the recent tight trading pattern and ensuing uncertainty this has created about the market’s bias.  The pair’s trading range was confined to a sideways trading pattern over the course of a few days prior to yesterday’s weakness back below the 160.00 figure.  This lack of a defined market bias has given traders an opportunity to assess current prices relative to some longer-term trading ranges from various relative highs to the recent 116.25 range. In June of last year, the market peaked around the 364.49 area, a level that ended up becoming its 2019 high.

The eventual depreciation to the 116.25 area created some important retracement levels including the 174.83 area, a level that represents its 23.6% retracement.  Another important range is the depreciation from the 318.60 area in July to the eventual relative low around the 116.25 area, and the 164.00 level represents its 23.6% retracement.  Likewise, the 177.85 and 163.31 areas are important levels related to the depreciation from the 239.45 level to the 116.25 level.  Below current price activity, technical support is expected around the 160.00, 157.88, and 154.71 areas.  Above current price activity, technical resistance is expected around the 177.11, 177.90, and 179.19 areas.

Price activity is nearest the 100-bar MA (4-hourly) at 156.05 and the 50-bar MA (Hourly) at 165.74.

Technical Support is expected around 159.86/ 156.47/ 153.07 with Stops expected below.

Technical Resistance is expected around 179.32/ 180.45/ 187.15 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 Bearishly below MACDAverage.

 

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