Ethereum / Breaking News / Bitcoin / Analytics
Bitcoin (BTC/USD) showed some signs of weakness during today’s Asian session as traders drove the pair back around the 7764.19 level, representing the 38.2% retracement of the recent move from 6755.00 to 8388.00. Late in yesterday’s North American session, the pair fell below the 7709.26 area, representing the 23.6% retracement of the 5512.00 – 8388.00 range. Another key level that traders are watching is 7598.36, representing the 61.8% retracement of the absolutely lifetime range of BTC/USD.
Notably, the pair is now trading below its 50-bar MA (hourly) which is now around 8007.14 and has just moved below its 100-bar MA (hourly), now around the 7852.96 area. After peaking around the 8388.00 level on 16 May, the pair has consolidated and chartists are now focusing on areas of technical Support. Further selling pressure may open up the 7402.50 area, representing a relative high dating to September 2018. Also, the 7223.25 area may also be back in focus, representing the 76.4% retracement of the 8488.00 – 3128.89 level.
Price activity is nearest the 50-bar MA (4-hourly) at 7219.60 and the 100-bar MA (Hourly) at 7852.62.
Technical Support is expected around 7170.09/ 6853.50/ 6440.82 with Stops expected below.
Technical Resistance is expected around 8488.00/ 9734.52/ 9948.12 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.
Ethereum (ETH/USD) depreciated early in today’s Asian session, moving back below the 248.88 level, representing the 38.2% retracement of the 515.88 – 80.60 range. Chartists noted a very bearish clue late in yesterday’s North American session when the pair ran out of steam right on its move higher right around the 272.56 area,