Sally Ho’s Technical Analysis 28 October 2019 ⋆ Crypto New Media


Bitcoin

Bitcoin (BTC/USD) appreciated to the 9732.26 level early in today’s Asian session as  the pair continued to steadily move higher from Saturday’s North American session.  Following the pair’s recent spike to the 10540.49 area, the markets came off and traded as low as the 8917 area before gliding slightly higher.  This has been a very technical recovery following the pullback because the 8918.47 area represents the 50% retracement of the move from 7296.44 to 10540.49.  Some profit-taking then was seen around the 9301.26 area, representing the 38.2% retracement of the same range. 

Market sentiment had been negative following the pair’s movements below the 8688 and 8474 areas, and appears to have shifted to at least a neutral bias, if not a somewhat positive bias.  The pair’s movements above the psychologically-important 10000 figure were chaotic but also evidenced a technical rationale when the pair tested the 10508.20 area, representing the 38.2% retracement of the 5072.01 – 13868.44 range.  Below current market activity, the 8918, 8535, and 8062 areas represent downside technical Support.  Above current market activity, the 9774 and 10540 areas represent upside technical Resistance

Price activity is nearest the 50-bar MA (4-hourly) at 8,316.08 and the 50-bar MA (Hourly) at 9,308.61.

Technical Support is expected around 8918.47/ 8535.67/ 8062.04 with Stops expected below.

Technical Resistance is expected around 9774.89/ 10540.49/ 10939.34 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 Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) appreciated to the 187.64 area early in today’s Asian session as the pair has steadily continued to appreciate from the 173.86 area during Saturday’s North American session.  After the pair’s recent spike to the 199.50 area, some gains have been given back but market sentiment seems to have improved to at least a neutral bias. Prior to the recent spikes higher to just below the psychologically-important 200.00 figure, the pair had been trading below the 165.25 area, representing the 38.2% retracement of the  move from 302.20 to 80.60.  Price activity had traded as low as the 152.11 area and was in danger of breaching the psychologically-important 150.00 figure.

One level that traders are carefully watching now is the 179.84 area, representing the 38.2% retracement of the 224.71 – 152.11 range.  Below that area, the 169.24 level represents the 23.6% retracement of the same range, and above that area the 188.41 area represents the 50% retracement of the same range.  A technical clue regarding the significance of this range emerged when some Stops were elected above the 196.98 area during the recent surge higher, a level that is the 61.8% retracement of the same range.  Market activity continues to trade above the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly).  Also, the pair derived technical Support during Friday’s North American session right around the 50-bar MA (hourly), and continues to trade above it now.

Price activity is nearest the 100-bar MA (4-hourly) at 175.98 and the 50-bar MA (Hourly) at 182.77.

Technical Support is expected around 165.25/ 157.49/ 146.00 with Stops expected below.

Technical Resistance is expected around 191.40/ 199.50/ 209.75 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.

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