/Sally Ho's Technical Analysis 28 February 2020 BTC ETH

Sally Ho's Technical Analysis 28 February 2020 BTC ETH

Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair receded to the 8667.69 area after trading as high as the 8972.92 area during yesterday’s North American session.  The pair traded as low as the 8520.00 level during yesterday’s Asian session, its weakest print since late January.  Sentiment has steadily eroded after the pair peaked around the 10522.51 area in mid-February, with retracement rallies higher becoming capped at lower highs including 10400.00, 10315.00, and 10030.00.  Chartists and technicians are paying close attention to some important retracement levels related to the pair’s trading ranges from earlier this year including bases around the 6430.00, 6854.67, 7671.00, and 8216.71.  One of the tightest ranges that traders have been monitoring is the move from 8216.71 to 10522.51 and have noted that Stops were reached below the 9878.34, 9641.69, and 9369.61 levels. The next downside retracement levels in that range included the 9097.53 and 8760.88 areas, and they have been triggered over the past couple of trading sessions.

A broader range that traders are watching is the move from 7671.00 to 10522.51 where Stops have been elected below the 9849.55 and 9433.23 levels.  The next downside retracement level in that range includes the 8343.96 area.  Likewise, an even broader range that traders are watching is the move from 6854.67 to 10522.51Stops were triggered below the 9656.80 level during the move lower, and the next downside level in that range was the 9121.40 area.  Similarly, Stops were reached below the 9556.68 area, representing the 23.6% retracement of the move from 6430.00 to 10522.51.  The next downside retracement level in that range was the 8959.17 area, followed by the 8476.26 area.

Price activity is nearest the 50-bar MA (4-hourly) at 9491.40 and the 50-bar MA (Hourly) at 8919.42.

Technical Support is expected around 8447.96/ 8062.25/ 7963.25 with Stops expected below.

Technical Resistance is expected around 9121.40/ 9370.00/ 10534.04 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 (ETH/USD) came off early in today’s Asian session as the pair fell to the 222.20 level after trading as high as the 239.00 area during yesterday’s North American session.  The pair recently traded as low as the 209.26 area, its weakest print since early February. The market’s bias has gradually weakened since the middle of the month when ETH/USD peaked around the 290.00 area and then started its move lower.  A series of lower highs during retracements higher followed the initial sell-off and has pushed ETH/USD closer to some areas of technical support to test traders’ resolve.  Those lower highs include the 287.13, 278.13, 274.77, and 265.01 areas.  Traders and market participants have been monitoring a series of ranges related to the pair’s trading performance over the past couple of months.

The broadest range involves the appreciation from the 116.25 area in mid-December to the 290.00 area in mid-February.  Stops were elected below the 249.00 area during the depreciation lower, a level that represents the 23.6% retracement of the appreciating range, and the next downside retracement level in that appreciating range was the 223.63 area, also recently elected.  The next narrowest range is the climb from the 135.12 area to the 290.00 area, and Stops were elected below the 253.34 area, representing the 23.6% retracement of the appreciating range.  The 230.84 level represents the 38.2% retracement of the appreciating range, and this level was also recently elected.  Other narrower ranges include the appreciations from the 154.48 and 170.00 levels, where Stops were reached below the 258.02, 261.68, and 244.16 levelsDownside retracement levels include the 238.23, 230.00, and 224.67 levels, and Stops were also triggered below these levels.

Price activity is nearest the 200-bar MA (4-hourly) at 227.12 and the 50-bar MA (Hourly) at 230.38.

Technical Support is expected around 209.25/ 203.25/ 192.10 with Stops expected below.

Technical Resistance is expected around 253.75/ 260.41/ 270.09 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.