Sally Ho’s Technical Analysis 14 June 2019

Bitcoin

Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair fell to the 8192.11 area after trading as high as the 8329.99 area late in yesterday’s North American session.  Yesterday’s high print was the pair’s strongest showing since 3 June and was just below the 8338.78 area, a level we have focused on for a long time that represents the 76.4% retracement of the move from 9948.12 to 3128.89.  Stops were again elected above the 8184.48 area during yesterday’s European session, representing the 200-day MA (4-hourly).BTC/USD’s renewed resurgence above the 8,000 area again has traders speculating there may be more upside.

The immediate short-term direction, however, appears to be lower as evidenced by price activity early in today’s Asian session during a pullback when the pair was capped around the 8258.50 area, right around the 50% retracement of the 9090.00 – 7427.00 range. Some chartists are eyeing the 8037 area as a possible short-term exhaustion point and downside price objective with some Stops in place below 8149 and 8106.  Below current market activity, the traders are closely watching the 8062.27 area, the 38.2% retracement of the aforementioned range. Below that area, the 200-bar MA (4-hourly) and 50-bar MA (4-hourly) are quickly sneaking up. Above current market activity, traders are paying close attention to the 8454/ 8474/ 8502 areas with Stops likely in place above those areas.

Price activity is nearest the 100-bar MA (4-hourly) at 8168.30 and the 50-bar MA (Hourly) at 8111.76.

Technical Support is expected around 7693.71/ 7343.17/ 7187.64 with Stops expected below.

Technical Resistance is expected around 8338.78/ 8566.38/ 8761.96 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

Ethereum (ETH/USD) spun lower early in today’s Asian session as the pair weakened to the 252.42 area after printing as high as the 262.45 area during yesterday’s North American session. Traders again shied away from the 263.60 area, representing the 38.2% retracement of the move from 222.88 to 288.77. Stops were triggered below the 255.74 area during the move lower later in yesterday’s North American session, representing the 23.6% retracement of the move from 226.56 to 264.75.

Some Bids emerged just below the 253.14 area early in today’s Asian session, representing the 61.8% retracement of the move from 231.12 to 288.77. The pair orbited the 50-bar MA (hourly) for a few hours before heading lower and it is now indicating at 255.68.  Below current market activity, traders observe some Bids that are likely between the 248.05 – 250.66 range. Also, the 100-bar MA (hourly) is quickly approaching price activity, now indicating around the 248.72 area.

Price activity is nearest the 200-bar MA (4-hourly) at 247.77 and the 50-bar MA (Hourly) at 255.68.

Technical Support is expected around 246.23/ 241.17/ 238.05 with Stops expected below.

Technical Resistance is expected around 259.95/ 266.75/ 272.56 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

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