Bitcoin (BTC/USD) extended its recent depreciation as traders drove the pair to the 4901.99 level during today’s Asian session, the pair’s weakest showing since 5 April. Today’s intraday Low was just below the 4911.81 level, representing the 23.6% retracement of the move from 5345.00 to 4778.00 and a level we have spotlighted.
Some intraday Support emerged yesterday when Bears challenged the 4969.45 area, representing the 50% retracement of the 6810.00 – 3128.89 range and a key technical level we have repeatedly highlighted.
The 50-bar MA (4-hourly) also proved to be challenging technical Resistance during yesterday’s European and North American sessions, keeping the pair offered below the 5096.36 level.
Technicians are eyeing additional technical Support around the 4738.23 level, representing the 23.6% retracement of the move from 9948.12 to 3128.89.
Price activity is nearest the 50-bar MA (4-hourly) at 5103.36 and the 200-bar MA (Hourly) at 5107.02.
Technical Support is expected around 4877.05/ 4582.91/ 4393.64 with Stops expected below.
Technical Resistance is expected around 5264.14/ 5403.82/ 5769.98 with Stops expected above.
On 4-Hourly chart, SlowK Bullishly moved above SlowD while MACD remains Bearishly below MACDAverage.
On 60-minute chart, SlowK remains Bullishly above SlowD while MACD remains Bullishly above MACDAverage.
Ethereum (ETH/USD) remained on the defensive during today’s Asian session as traders drove the pair as Low as the 159.27 area, its weakest print since 5 April. Minor Stops were reached below the 159.78 area, representing the 23.6% retracement of the 180.10 – 153.50 range. As we noted in our 11 April 2019 analysis, a Double Top chart pattern is now evident on a 4-hourly chart. Traders are technically curious to see how price activity develops down to the 150.52 area.