Sally Ho’s Technical Analysis 11 May 2019
Bitcoin (BTC/USD) established a new multi-month high during yesterday’s North American session, peaking at 6430.00 before some profit-taking ensued during today’s Asian session. As we have noted in recent analyses, there was not much technical Resistance between the psychologically-important 6000 figure and the 6393 area, above which significant Stops were elected. The market stopped just short of testing the 6440 area, representing the 61.8% retracement of the 8488.00 – 3128.89 range.
Yesterday’s high is the pair’s strongest showing since 8 November 2018. Another major upside target for BTC/USD is 6538.51, representing the 50% retracement of the 9948.12 – 3128.89 range. Chartists are eyeing new levels of technical Support, including 6213.35/ 6109.51/ 6083.79 with some stronger Bids expected around 6069.39 and 5941.26.
Price activity is nearest the 50-bar MA (4-hourly) at 5850.86 and the 50-bar MA (Hourly) at 6176.23.
Technical Support is expected around 6213.35/ 6083.79/ 5869.61 with Stops expected below.
Technical Resistance is expected around 6538.51/ 6810.00/ 7223.25 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.
Ethereum (ETH/USD) gained some ground early in today’s Asian session, moving back to the 174.49 area after some profit-taking was seen in yesterday’s North American session that pushed the pair lower to the 169.31 area after peaking around the 176.32 area. Some Stops were elected above the 175.17 level during the move higher, representing the 23.6% retracement of the move from 157.28 to 180.69. Prior to this, some Stops were triggered above the 174.84 area, representing the 23.6% retracement of the 155.91 – 180.69 range.
Chartists are noting that the 50-bar MA (4-hourly) just crossed above the 200-bar MA (4-hourly) and this could be a bullish indication. On the upside, traders are eyeing the 177.80 level as another important upside target, representing the 76.4% retracement of the 187.62 – 146.00 range. The importance of this area was confirmed several times on 7 May 2019 when it proved to be toppish for ETH/USD. Another major upside target is the 183.33 area, representing the 23.6% retracement of the 515.88 – 80.60 range.
Price activity is nearest the 50-bar MA (4-hourly) at 166.93 and the 100-bar MA (Hourly) at 171.10.
Technical Support is expected around the 162.36/ 159.25/ 148.81 levels with Stops expected below.
Technical Resistance is expected around the 177.80/ 183.33/ 187.62 levels 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 Bearishly below MACDAverage.
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