Sally Ho’s Technical Analysis 20 September 2019

Bitcoin

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair traded as high as the 10379.15 area, right around the 76.4% retracement of the 10543.63 – 9853.85 range. During yesterday’s Asian session, the pair depreciated sharply to the 9585.86 area, its most drastic move lower in weeks. Significant Stops were elected below the 9765.93 area during the descent, representing the 38.2% retracement of the 3128.89 – 13868.44 range. Bids emerged above the 9532.39 area, a level that represents the 38.2% retracement of the 19891.99 – 3128.89 range. Strong buying activity emerged during yesterday’s North American session.

Short positions in BTC/USD were quickly covered and the pair steadily gained back some of its rapid losses during yesterday’s European and North American sessions. If the market resumes a downward trajectory, traders will pay close attention to demand around the aforementioned 9532.39 area, with additional focus on the 9285.48 area. Below these areas, some buying demand is expected between the 9009 and 9071 levels.

Price activity is nearest the 100-bar MA (4-hourly) at 10,326.31 and the 200-bar MA (Hourly) at 10,198.17.

Technical Support is expected around 9,765.93/ 9,532.39/ 9,265.49 with Stops expected below.

Technical Resistance is expected around 10,833.14/ 11,136.82/ 11,759.72 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) appreciated during today’s Asian session as the pair traded as high as the 223.50 area and appeared poised to surpass the high of 224.71 reached during yesterday’s North American session. Bids emerged around the 217.55 area during a late-day pullback, right around the 61.8% retracement of the move from 302.20 to 80.60. The pair depreciated to the 210.28 area during yesterday’s Asian session after some selling pressure emerged around the 214.47 area. Traders quickly bought ETH/USD back and lifted the pair during yesterday’s European and North American sessions, resuming its recent upward trajectory that saw the pair move to multi-week highs and test levels not seen since early August.

Following ETH/USD’s resumption of its recent upward bias, traders continue to observe the 222.55 area as an important upside price objective, representing the 50% retracement of the 80.60 – 364.49 area. Above that area, additional upside targets are between the 226.56 and 229.46 area. Also, traders are paying very close attention to the 236.43 area, representing the 61.8% retracement of the 157.28 – 364.49 area. Technicians also note that the pair moved back above its 50-bar MA (hourly) during yesterday’s North American session when it was indicating around the 210.46 area.