Sally Ho’s Technical Analysis 27 May 2019

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Bitcoin

Bitcoin (BTC/USD) made major advances during yesterday’s North American session and the buying pressure continued early in today’s Asian session with the pair trading as high as 8918.98, the pair’s strongest showing since May 2018.  Some major Stops were elected during the push higher, especially above the 8338.78 level, representing the 76.4% retracement of the move from 9948.12 to 3128.89. Stops were also elected above the 8488.00 level, a recent relative high, with more triggered above the 8541.80 area, representing an upside price objective related to a relative pullback low of 4963.00 in April.

A technical clue emerged late in yesterday’s North American session when Bids were spotted above the 8488.00 level during a brief pullback following the initial climb to 8610.00. The pair managed to remain Bid above the 50-bar MA (4-hourly) during yesterday’s European session, and this also contributed to BTC/USD’s gains. Chartists are now focused on the pair’s upside with the 9532.02 level representing the 38.2% retracement of the move from 19891.00 to 3128.89.  Other upside targets include 9647.30/ 9948.12/ 10121.50.

Price activity is nearest the 50-bar MA (4-hourly) at 7966.89 and the 50-bar MA (Hourly) at 8105.65.

Technical Support is expected around 8488.00/ 8124.10/ 7506.12 with Stops expected below.

Technical Resistance is expected around 9532.02/ 9948.12/ 10121.50 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.

 

Ethereum

Ethereum (ETH/USD) made strong moves to the upside early in today’s Asian session and climbed to the 273.00 figure after strong buying pressure was seen during yesterday’s North American session. Major Stops were elected above the 257.22 area, representing the 23.6% retracement of the move from 828.97 to 80.60, with more Stops elected above the 258.92 area, representing the 38.2% retracement of the 547.40 to 80.60 range. Stops were also triggered above the 259.27 area during the upside move as well. Some Stops were also reached above the 272.56 area during the ascent, itself the 23.6% retracement of the depreciation from 894.00 to 80.60.

Traders are now speculating how high the pair could trade following this upswing. The 289.64 and 293.56 areas are short-term upside targets, representing key retracement areas. Above those areas, the 298.24 area represents the 50% retracement of the move from 515.88 to 80.60. Chartists are also interested in the 314.00 area, representing the 50% retracement of the move from 547.40 to 80.60.  Additional upside price objectives include 349.60/ 354.22/ 366.48.  

Price activity is nearest the 50-bar MA (4-hourly) at 251.33 and the 50-bar MA (Hourly) at 253.36.

Technical Support is expected around 243.82/ 231.12/ 219.53 with Stops expected below.

Technical Resistance is expected around 281.77/ 289.64/ 298.24 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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