Bitcoin

Bitcoin (BTC/USD) was little changed early in today’s Asian session as the pair traded as high as the 8702.27 area after trading as low as the 8580.00 area during yesterday’s Asian session.  Traders have recently pushed the pair above the psychologically-important 8500 figure and are looking to see if the pair can remain above this area.  BTC/USD recently traded as high as the 8900.00 area, just below the 8909.35 area that represents an upside price objective related to the recent appreciation from the 7671.00 area. Similarly, the 8919.54 and 8923.86 levels are important areas that the market recently lacked the strength to test, and these areas are technically significant as they relate to the recent appreciation from the 8041.95 area.

Additionally, the 9017.14 area is a very important technical level that represents the 38.2% retracement of the 13202.63 – 6430.00 range.  If traders are able to move above that level, the next upside price objective in that range is the 9816.32 area.  Given the recent positive shift in market sentiment, traders are monitoring some technical support around levels including the 8417, 8118, 7877, and 7635 areas. These levels relate to the recent appreciation from the 6854.67 level and price activity around them will be closely watchedUpside price targets include the 9011, 9047, 9150, and 9259 levels and Stops are cited above the 9242 area.

Price activity is nearest the 50-bar MA (4-hourly) at 8,247.81 and the 50-bar MA (Hourly) at 8,718.69.

Technical Support is expected around 8338.78/ 7662.03/ 7568.45 with Stops expected below.

Technical Resistance is expected around 9006.95/ 9128.51/ 9593.07 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 Bullishly above MACDAverage.

 

Ethereum (ETH/USD) gained marginal ground early in today’s Asian session as the pair was lifted to the 163.99 area after trading as low as the 158.17 level during yesterday’s Asian session. 
There has recently been a positive shift in market bias that has resulted in a rapid appreciation that saw the market recently trade as high as the 172.18 area, its strongest showing since the middle of NovemberStops were elected above many price levels during the pair’s ascent, reflecting loss-limiting trading strategies by bearish traders who anticipated a weaker ETH/USD.  Some of these levels include the 164.00, 163.11, and 170.30 areas that represent upside retracement areas related to the depreciation from the 318.60, 239.45, and 224.34 levels

The pair’s ability to remain above some important retracement levels will be closely watched and may define short-term market sentiment.  The 163.43, 158.02, 153.65, 149.26, and 143.87 areas are technically-relevant levels related to the recent appreciation from the 135.12 area and move to the 172.18 area.  Likewise, the 157.73 area represents the 38.2% retracement of the move from 224.84 to 116.25.  The market’s recent trading activity around the 170.55 area coincided with the 50% retracement of that range, and this is another area that traders will watch closely. Following the pair’s recent strength, traders are now monitoring upside price objectives including the 171.06, 174.20, 177.34, and 179.19 areasStops are cited above the 177.11 level.

Price activity is nearest the 50-bar MA (4-hourly) at 148.20 and the 50-bar MA (Hourly) at 163.46.

Technical Support is expected around 159.86/ 156.47/ 153.07 with Stops expected below.

Technical Resistance is expected around 175.04/ 180.45/ 187.15 with Stops expected above.

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

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

Source
Author: Sally Ho

Categories: Bitcoin

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