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Sally Ho's Technical Analysis 22 September 2019

cryptodaily

1mon ago

Bitcoin

Bitcoin (BTC/USD) extended its recent pullback early in today’s Asian session as the pair traded as low as the 9850.00 level after peaking around the 10180.00 area during yesterday’s Asian session.  Stops were elected below the 9888.90 area during the pair’s descent, representing the 61.8% retracement of the 9585.86 – 10379.15 range.  Selling pressure was also steady throughout yesterday’s European and North American sessions, with the 9773.08 area the next short-term downside target.

BTC/USD continues to orbit the psychologically-important 10000 figure and is now trading well below the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly). Also, BTC/USD is now trading below the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly).  Traders were indecisive around the 9948.12 area, an important technical level, but it eventually gave way before Stops were triggered below the 9887.63 area.  Chartists are observing the 9703.49 area as an important downside price objective, representing the 76.4% retracement of the 9321.73 – 10939.34 range.

Price activity is nearest the 50-bar MA (4-hourly) at 10,178.97 and the 50-bar MA (Hourly) at 10,081.21.

Technical Support is expected around 9,703.49/ 9,532.39/ 9,265.49 with Stops expected below.

Technical Resistance is expected around 10,557.58/ 10,833.14/ 10,939.34 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

Ethereum

Ethereum (ETH/USD) continued to weaken early in today’s Asian session as the pair fell to the 208.89 area after being capped around the 221.61 area during yesterday’s North American session.  Minor Stops were elected below the 210.04 area during the decline, representing the 61.8% retracement of the 200.98 – 224.71 range.  The pair’s next downside price objective is the 206.58 area, representing the 76.4% retracement of the aforementioned range.  Price activity continues to converge with the 50-bar MA (4-hourly), currently indicating around the 202.44 area.

Traders also decisively pushed ETH/USD below the 50-bar MA (hourly) and 100-bar MA (hourly) before hitting Stops below the 213.84 area, representing the 76.4% retracement of the 255.00 – 80.60 range.  Some short covering was seen around the 209.75 area during the decline, representing the 23.6% retracement of the 627.83 – 80.60 range.  Chartists are watching the 201.38 area as a key downside price objective, above which the 200-bar MA (hourly) is now trading.  The 205.22 and 199.21 areas are also important downside targets.

Price activity is nearest the 50-bar MA (4-hourly) at 202.43 and the 100-bar MA (Hourly) at 214.44.

Technical Support is expected around 197.56/ 191.40/ 188.38 with Stops expected below.

Technical Resistance is expected around 217.55/ 226.56/ 229.88 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 Bearishly below MACDAverage.

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