Sally Ho’s Technical Analysis 11 November 2019

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Bitcoin

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair was seen trading around the 9074.13 area after trading as high as the 9150.00 area during yesterday’s North American session. That high was right around both the 50-bar MA (4-hourly) and the 100-bar MA (4-hourly), which have just converged.  Prior to the move, the pair had been oscillating around the 8918.47 area, representing the 50% retracement of the 7296.44 – 10540.49 range.  Prior to Friday’s move lower that saw the pair trade as low as the 8660.00 area, the pair had traded above the important 8918.47 area following the pullback from the recent 10540.49 high on 26 October.  Chartists are now waiting to see if this level becomes technical Resistance, and whether BTC/USD Bears have enough strength to test the 8535.67 area, representing the 61.8% retracement of the 7296.44 – 10540.49 range.

Traders are paying close the convergence of the 50-bar MA (4-hourly) and the 100-bar MA (4-hourly), and the Bearish implications if the 100-bar MA (4-hourly) crosses above the 50-bar MA (4-hourly).  Notably, traders are also observing that the 200-bar MA (hourly) recently crossed above the 100-bar MA (hourly), a move that appears to have resulted in additional short-term weakness.  Below current market activity, traders are focusing on levels such as the 8502.35, 8338.78, and 8161.49 areas. Above current market activity, traders are focusing on levels including 9391.31, 9553.08, and 9887.63.

Price activity is nearest the 50-bar MA (4-hourly) at 9,135.74 and the 100-bar MA (Hourly) at 8,994.73.

Technical Support is expected around 8502.35/ 8062.04/ 7343.17 with Stops expected below.

Technical Resistance is expected around 9150.00/ 9378.16/ 9774.89 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bulllishly above MACDAverage.

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

 

Ethereum

Ethereum (ETH/USD) settled back early in today’s Asian session as the pair moved lower to the 189.31 area after trading as high as the 192.00 figure late in yesterday’s North American session, above the 191.40 area that represents the 50% retracement of the 302.20 – 80.60 range.  Traders continue to observe the fact the pair has been bid above the 176.25 area following its pullback to the 173.86 area on 26 October, with the 176.25 level representing the 50% retracement of the 153.00 – 199.50 range.  Notably, during the pair’s move lower to the 180.71 level on Friday, the pair managed to not wander too far below the 181.74 area, representing the 38.2% retracement of the aforementioned range, and this evidenced some market resilience.

Chartists observe the 188.53 as an important technical level that was recently tested and that represents the 23.6% retracement of the aforementioned range.  If ETH/USD is able to move above that level, traders will focus on the 189.71 and 193.45 areas, representing the 61.8% and 76.4% retracements of the 199.50 – 173.86 range.  Some selling pressure could emerge around the 195.78 area, and then the 197.97 area represents another upside barrier that needs to be challenged before ETH/USD can make another run at the psychologically-important 200.00 figure.

Price activity is nearest the 50-bar MA (4-hourly) at 185.93 and the 100-bar MA (Hourly) at 186.14.

Technical Support is expected around 180.43/ 177.39/ 175.02 with Stops expected below.

Technical Resistance is expected around 193.45/ 194.60/ 199.50 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.



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