Bitcoin

Bitcoin (BTC/USD) fell to the 8180.00 level early in today’s Asian session as traders were unable to sustain yesterday’s move higher from the 8015 area.  Following the pair’s recent depreciation to fresh multi-month lows, traders continue to identify new areas of technical Support and technical Resistance that could be tested in the near-term.  Above current market activity, traders are curious to see if the 8502.35 area becomes technical Resistance, a level that represents the 50% retracement of the 3136.25 – 13868.44 range.  Above that area, traders will see how price activity reacts around the 8929 and 9071 areas.  As BTC/USD spends more time at depressed levels, its moving averages will continue to decline and may provide additional technical Resistance.

Below current market activity, traders are curious to see what happens around the 7343.17 level, representing the 61.8% retracement of the 9948.12 – 3128.89 range.  Also, the 7223.25 area is the 76.4% retracement of the 8488.00 – 3128.89 range, and another where interest may be directed.  Another very important level that traders are watching is the 6865.68 area, representing the 76.4% retracement of the 4702.53 – 13868.44 range.  Severe selling pressure could pave way for a test of the 5808.45 level.

Price activity is nearest the 50-bar MA (4-hourly) at 9,003.71 and the 50-bar MA (Hourly) at 8,104.10.

Technical Support is expected around 7,712.45/ 7,508.77/ 7,223.25 with Stops expected below.

Technical Resistance is expected around 9,071.00/ 9,651.00/ 10,097.80 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 Bullishly above MACDAverage.

 

Ethereum

Ethereum (ETH/USD) drifted lower early in today’s Asian session as the pair fell to the 172.60 area after being unable to sustain a move higher yesterday from the 168 area.  Traders continue to eye a possible test of the 150.00 figure following this week’s abrupt decline below the psychologically-important 200.00 figure.  The pair’s short-term bias appears to be weaker and lower given the severity and momentum of the recent plunge.  The pair’s 50-bar MA (4-hourly) and 50-bar MA (hourly) will become more of a technical factor and could limit the ability of ETH/USD to recover in the near-term.  If traders are able to make some headway above current market levels, they will pay close attention to the 171 and 175 levels.

Given the recent gyrations of ETH/USD, traders are paying close attention to downside price objectives. If the 150.00 figure is breached, traders will immediately see how the pair behaves around the 149.24 area, representing the 61.8% retracement of a previous move from 165.62 to 122.75.  Other important downside areas include the 144.19 level.  Some technical Support is possible between the 137.61 and 139.13 range, below which the 132.90 is technically significant.

Price activity is nearest the 200-bar MA (4-hourly) at 184.31 and the 50-bar MA (Hourly) at 170.48.

Technical Support is expected around 147.60/ 144.19/ 136.34 with Stops expected below.

Technical Resistance is expected around 175.20/ 176.60/ 183.33 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 Bearishly below MACDAverage.



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