BTC/USD Plummets and Tests 200-Hour SMA: Sally Ho's Technical Analysis 3 June 2020 BTC


Bitcoin (BTC/USD) continued to claw back from sharp losses early in today’s Asian session as the pair tried to reclaim the 9500 level after trading as high as the 10428 area during yesterday’s Asian session, its strongest print since February.  During yesterday’s Asian session, traders elected Stops above the 10316.39 area, an upside price objective related to buying pressure that originated around the 3858 area in March.  When the pair came off during yesterday’s North American session, Stops were reached below the 10004.36, 9742.28, 9530.47, and 9318.65 areas, retracement levels related to the recent appreciation from 8632.93 to 10428.00.  Another very important range is the appreciation from 8106.70 to 10428.00, and Stops were triggered below some of its related retracement levels including the 9880.18 and 9541.26 areas.  Notably, the 9267.35 area represents the 50% retracement of this range, and traders stopped just short of testing it during the rapid depreciation.  Larger Stops were elected below the 9490.61 level during the move lower, representing the 23.6% retracement of the appreciation from 6456 to 10428.  During the recent move higher, Stops were reached above the 8890.13, 8969.58, 9049.03, and 9147.33 areas, representing the 38.2%, 50%, 61.8%, and 76.4% retracements of the recent depreciation from 9306.23 to 8632.93.  Traders have also recently triggered Stops above the 9318.50 level, right around the 50% retracement of the recent depreciation from 9836.99 to 8800.00.  Traders have also been closely monitoring the 9613.54 and 9656.93 areas, representing the 76.4% and 78.6% retracements of the recent depreciation from 10079.00 to 8106.70. Additional important price retracement levels that traders are monitoring include the 9440.86 and 9592.26 levels.  Traders are also paying attention to multiple trading ranges including the recent appreciation from 8106.70 to 9957.25, the appreciation from 6456.00 to 10079.00, the appreciation from 5678.20 to 10079.00, and the broader appreciation from 3858.00 to 10079.00.  Important technical levels related to these ranges include 9040.41, 9025.32, 8808.52, 8695.01, 8610.84, 8540.29, 8398.89, 8267.50, 7878.60, 7839.99, 7702.58, 7359.31, and others.  Chartists are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest the 100-bar MA (4-hourly) at 9370.76 and the 100-bar MA (Hourly) at 9614.72. Technical Support is expected around 8695.01/ 8540.29/ 8267.50 with Stops expected below. Technical Resistance is expected around 10428.00/ 10661.23/ 10735.13 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. read more

Sally Ho