Sally Ho's Technical Analysis 20 February 2020 BTC ETH

20-Feb-2020

Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair tested bids around the 10100.16 level after trading as high as the 10315.00 area during yesterday’s North American session.  Following the pair’s recent move above the psychologically-important 10000 figure and depreciation back below, new trading ranges and areas of technical support and technical resistance have been established.  Some of these levels are already having a technical impact on price activity.  After trading as low as the 9612.12 level earlier in the week and then briefly trading back around the 10004.46 area, Stops were elected below the 9561.28 area during the pair’s extended weakness and drive lower, an area that represented a downside price objective related to the selling pressure that emerged this week around the 10400.00 and 10004.46 levels.  The next downside price objectives related to these levels include the 9363, 9118, and 8722 areas, below which Stops are likely in place.  The recent buying pressure in BTC/USD has seen the price move back above the 100-bar MA (4-hourly) and 50-bar MA (4-hourly).  The pair’s short-term outlook appears to have stabilised as the 50-bar MA (hourly) has again crossed above the 100-bar MA (hourly), and is converging with the 200-bar MA (hourly).  Areas of potential technical support below the market include 9370.10, 9322.05, 9203.36, 9169.41, 9078.05, and 8880.87 among many others. Price activity is nearest the 50-bar MA (4-hourly) at 10088.69 and the 200-bar MA (Hourly) at 10085.86. Technical Support is expected around 9370.10/ 9121.40/ 8760.28 with Stops expected below. Technical Resistance is expected around 10534.04/ 10652.04/ 10698.24 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 Bearishly below MACDAverage.   Ethereum (ETH/USD) depreciated early in today’s Asian session as the pair traded as low as the 270.58 area after trading as high as the 287.13 area during yesterday’s North American session.  Strong technical clues emerged earlier this week when selling pressure developed around the 273.85 area following offers that prevented the pair from moving above the 290.00 area late last week.  Notably, the 273.85 area was just below the 50% retracement of the initial depreciation from 290.00 to 258.00, and the failure around this area was indicative of additional selling pressure.  Stops were then triggered below the 256.00, 247.96, and 238.01 area, representing downside price objectives related to these areas of selling pressure.  Downside market pressure has so far been unable to reach the 221.94 area, another level related to these levels and one where chartists believe there may be an exhaustion point with some Stops below.  The market’s recent pullback saw price activity start to orbit the 50-bar MA (4-hourly), an indication that market sentiment was then weakening.  The 50-bar MA (hourly) remains above the 100-bar MA (hourly) and 200-bar MA (hourly).  Additional downside price objectives include the 234.12, 230.13, 226.81, and 223.53 areas, among many others. Price activity is nearest the 50-bar MA (4-hourly) at 266.45 and the 100-bar MA (Hourly) at 266.96. Technical Support is expected around 230.27/ 226.38/ 222.73 with Stops expected below. Technical Resistance is expected around 296.15/ 304.10/ 312.93 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 Bearishly below MACDAverage. read more

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