Sally Ho’s Technical Analysis 24 November 2019

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Bitcoin

Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair traded as low as the 7233.31 area after peaking around the 7361.41 area during yesterday’s North American session.  Traders are still talking about Friday’s move that pushed the pair to the 6775.47 area, its lowest print since May, after Stops were elected below the 6899 area.  A series of very large Stops were elected following the pair’s peak around the 9150.00 area a couple of weeks ago, below levels including the 8927, 7806, 7712, 7537, and 7427 areas.  Following the recent move below the 7296.44 area, the 7084.98 area was taken out by traders, and this is an extremely important one as it represents the 23.6% retracement of the move from 19891.99 to 7074.98. The breach of that level has traders focusing on the 6841.36 area, representing the 76.4% retracement of the move from 4670.69 to 13868.44.  Traders have identified new areas of potential technical Resistance following the recent move to multi-week lows and these areas include 8121, 8583, and 8957.

The ongoing reassessment of risk by traders has the markets wondering if more market weakness is in store in the short-term, or if markets will rebound to reclaim some of the ground they have lost in NovemberBTC/USD has given back more than 29% this month on a peak-to-trough basis and some Bearish market technicians are speculating the selling pressure has not necessarily subsided yet.  Below recent lows, the 6620.61 level represents a relative historic low and if it is breached, BTC/USD Bears would focus on the 5663.42 area, representing the 76.4% retracement of the 3128.89 – 13868.44 range

Price activity is nearest the 50-bar MA (4-hourly) at 7,980.44 and the 50-bar MA (Hourly) at 7,292.30.

Technical Support is expected around 7102.21/ 6810.00/ 6038.82 with Stops expected below.

Technical Resistance is expected around 8062.04/ 8338.78/ 8535.67 with Stops expected above.

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

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

 

Ethereum

Ethereum (ETH/USD) settled back lower early in today’s Asian session as the pair slid to the 150.92 area after climbing to the 154.54 area during yesterday’s North American session.  Market sentiment surrounding the pair has dramatically worsened in recent days after traders were unable to keep the pair trading above some key levels. These areas included the 172.72 level, representing the 23.6% retracement of the move from 239.45 to 152.11, and the 165.25 area, representing the 38.2% retracement of the 302.20 – 80.60 range

The pair’s move to the 155.00 figure late this week drove the pair to November monthly lows just above recent technical Support around the 153.00 and 152.11 levels prior to Friday’s collapse that saw the pair weaken down to the 137.80 area, a move that was hastened after the 147.60 area gave way. Below these levels, traders are focusing on some very important levels including the 132.90 area that represents the 23.6% retracement of the 302.20 to 80.60 range.  The lingering weakness and worsening bias in ETH/USD have traders looking at new areas of potential technical Resistance.  The 152.36, 161.37, and 168.65 areas represent the 38.2%, 50%, and 61.8% retracements of the 199.50 – 137.80 range

Price activity is nearest the 50-bar MA (4-hourly) at 170.49 and the 50-bar MA (Hourly) at 151.96.

Technical Support is expected around 137.80/ 132.90/ 122.75 with Stops expected below.

Technical Resistance is expected around 152.36/ 161.37/ 168.65 with Stops expected above.

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

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

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