Bitcoin (BTC/USD) improved early in today’s Asian session as the pair was lifted to the 8940.00 level after bids emerged around the 8800.10 level during yesterday’s Asian session.  Traders continue to observe the pair’s movements around and below the psychologically-important 9000 figure, a level that it barely managed to pierce last week when BTC/USD traded as high as the 9013.00 level.  Traders continue to monitor many price levels, including the 8847.59 area that represents the 38.2% retracement of the recent move from 8500.00 to 9013.00.  The next downside levels in this range include the 8796.50, 8745.41, and 8682.19 levels.  Traders are also monitoring price activity above the 50-bar MA (hourly) and the 50-bar MA (4-hourly).

Another important range that traders are watching is the move from 10540.49 in October to 6430.00 in December.  If traders are able to push the pair above the psychologically-important 10,000 figure, traders will see if an upside price objective can be pierced around the 10,072.28 level, representing the 76.4% retracement of the aforementioned range.  If selling pressure emerges, traders are curious to see if bids will emerge around the 9782.63 level area, representing the 61.8% retracement of this range.  Below this area, traders are eyeing additional technical support around the 9548.53 and 9314.42 levels.

Price activity is nearest the 50-bar MA (4-hourly) at 8,499.35 and the 50-bar MA (Hourly) at 8,860.30.

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 Bullishly above 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) appreciated early in today’s Asian session as the pair traded as high as the 176.96 level after peaking around the 179.32 area during yesterday’s North American session.  One level that ETH/USD has recently orbited is the 165.25 level, representing the 38.2% retracement of the 302.20 – 80.60 range.  The importance of this range was underscored in early January when the pair circled the 132.90 area, representing the 23.6% retracement of the same range, before decisively moving above and then deriving technical support above the level as recently as 10 January.  Another very important range that traders are watching is the move from 116.25 to 174.52.

During any pullback lower, chartists will be curious to see if the pair can remain above the 160.77 area, representing the 23.6% retracement of the aforementioned range. Additional important price 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.  Following the pair’s recent strength, traders are now monitoring upside price objectives including the 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 156.54 and the 50-bar MA (Hourly) at 169.98.

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 Bullishly above 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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