Sally Ho’s Technical Analysis 27 November 2019

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Bitcoin

Bitcoin (BTC/USD) appreciated  early in today’s Asian session as the pair climbed to the 7189.99 area after trading as low as the 7021.84 area during yesterday’s North American session.  The pair’s ongoing weakness has not yet abated, leading to intense market speculation that traders may not yet be finished with pushing BTC/USD lower. Chartists are observing that even after Monday’s rapid move higher from multi-month lows, the pair is still trading below the 7473.42 area, representing the 23.6% retracement of the move from 10540.49 to 6526.00.  The next upside price retracement level related to that range is 8059.54, representing the 38.2% retracement.  The pair’s failure to pierce the 9150 level on 10 November opened up significant technical pressure that has since seen significant Stops become elected below the 8289, 7594, and 6899 areas.  Given this price behaviour, traders anticipate that some major Stops are in place below another major downside price objective around the 6038 area.  A technical exhaustion point related to that range is around the 4648 area, and BTC/USD Bears may be tempted to push BTC/USD as low as this area to shake out some weaker long positions.

The pair’s recent 37.2% peak-to-trough decline during the past two months likely has more room left to run.  The 6538.51 area is one level that traders are carefully monitoring, as it represents the 50% retracement of the 9948.12 – 3128.89 range.  Additional downside targets include the 6323 and 6038 areas.  An extension of the pair’s recent bearishness will open up additional downside price targets including the 5808 and 5733 levels, with the latter right around the 38.2% retracement of the aforementioned move from 9948.12 to 3128.89.   Likewise, the 5663.42 area is also technically significant as it represents the 76.4% retracement of the move from 3128.89 to 13868.44

Price activity is nearest the 50-bar MA (4-hourly) at 7,501.04 and the 100-bar MA (Hourly) at 7,128.03.

Technical Support is expected around 6775.47/ 6653.57/ 6323.42 with Stops expected below.

Technical Resistance is expected around 7343.17/ 8062.04/ 8338.78 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 

Ethereum

Ethereum (ETH/USD) gained early in today’s Asian session as the pair appreciated to the 148.94 level after trading as low as the 143.57 area during yesterday’s North American session.  Traders continue to eye some key levels following the pair’s recent depreciation to multi-month lows, including the 153.73 area that represents the 23.6% depreciation of the move from 224.71 to 131.80Market sentiment will likely remain Bearish as long as the pair continues to trade below this area.  The pair’s next upside retracement level related to this range is the 167.29 area, representing the 38.2% retracementETH/USD continues to trade well below its 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly). Notably, however, the pair has recently been trading between its 50-bar MA (hourly) and 100-bar MA (hourly), but also far below its 200-bar MA (hourly).

During the pair’s rapid descent this week, the 132.90 area was closely monitored as a major downside price objective for the pair, representing the 23.6% retracement of the 302.20 – 80.60 rangeStops were triggered below the 132.90 area during the pair’s rapid decline, eventually pushing the pair to multi-month lows around the 131.80 level.  Some longer-term chartists and traders are now eyeing the 127 and 104 areas as downside price objectives, and potential areas of technical Support include 130.05, 125.16, and 122.75.  The significant sell-off that has continued for weeks also increases the likelihood of a sharp rebound as traders cover some shorts.

Price activity is nearest the 50-bar MA (4-hourly) at 157.83 and the 100-bar MA (Hourly) at 147.01.

Technical Support is expected around 132.90/ 125.16/ 122.75 with Stops expected below.

Technical Resistance is expected around 150.17/ 155.50/ 165.62 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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