Bitcoin

Bitcoin (BTC/USD) depreciated early in today’s Asian session as traders continued to observe the pair hover around the 8000 figure following last week’s drastic depreciation that saw a crash below the psychologically-important 10000 figure.  A new short-term range has emerged following the pair’s recent tumble to the 7712.45 area, and Bids emerged around the 8001.23 area during a brief pullback, representing the 50% retracement of the 7712.45 – 8290.00 range.  Another important level that has drawn attention is the 8153.70 area, representing the 23.6% retracement of the same range. Notably, the 7933.07 area emerged as technical Support during yesterday’s European and North American sessions, the 61.8% retracement of the same range.

BTC/USD has now traded below the 10000 figure for a few days during the most recent move lower but is still trading below the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly).  Notably, the 50-bar MA (hourly) and 100-bar MA (hourly) have converged and BTC/USD is now trading around both of them.  Above current market activity, one level that traders are watching is the 8474.00 area, representing the 23.6% retracement of the 10939.34 – 7712.45 range.  Below current market activity, traders are watching the 7343, 7223, and 6865 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 8,757.16 and the 50-bar MA (Hourly) at 8,111.56.

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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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

 

Ethereum

Ethereum (ETH/USD) weakened modestly early in today’s Asian session as the pair fell back to the 168.23 level following last week’s rapid decline below the psychologically-important 200.00 figure.  The depreciation was rapid and it saw ETH/USD trade as low as the 152.11 area. A new short-term trading range has emerged and traders have seen the pair find some buying interest around the 167.64 area, representing the 38.2% retracement of the 152.11 – 177.24 range.  Price activity has also orbited the 171.31 level, representing the 23.6% retracement of the same range.  Notably, Bids emerged just above the 161.71 level during yesterday’s North American session, representing the 50% retracement of this range.

ETH/USD continues to trade below its 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly).  The 50-bar MA (hourly) and 100-bar MA (hourly) have recently converged and ETH/USD is trading around both of them.  If market sentiment continues to deteriorate and the psychologically-important 150.00 figure is breached, traders will pay close attention to the 149.24 area, representing the 61.8% retracement of the 165.62 – 122.75 range.  Below that area, the 144.19 level is another important one and chartists anticipate some technical Support around the 137 – 139 area.

Price activity is nearest the 500-bar MA (4-hourly) at 181.48 and the 100-bar MA (Hourly) at 169.31.

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 Bearishly below 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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