Bitcoin





Bitcoin (BTC/USD) was mostly rangebound early in today’s Asian session with the pair trading as high as the 8614.59 level after moving higher from the 8412.50 level during yesterday’s North American session. Today’s price activity followed a surge higher this week that saw the 8712.45 area tested during Wednesday’s North American session, its strongest print since 24 September following the pair’s sharp decline below the psychologically-important 10000 figure. This week’s move higher was significant because it saw the 8692.32 area tested, representing the 76.4% retracement of the move from 8995.00 to 7712.45. BTC/USD moved sharply above the 50-bar MA (4-hourly) and 100-bar MA (4-hourly) during this week’s ascent.

If BTC/USD Bulls can continue their push higher, the psychologically-important 10000 figure will be back in view but some selling pressure is likely in place below this area. One area of possible selling pressure is the 9285 – 9325 range, with some additional Offers expected around the 9470 – 9585 range. The 9706.67 area represents the 61.8% retracement of the move from 10939.34 to 7712.45, and the 9938.16 area represents the 61.8% retracement of the 7508.77 – 13868.44 range. The 10108 and 10267 areas also represent upside price objectives.

Price activity is nearest the 100-bar MA (4-hourly) at 8,242.09 and the 50-bar MA (Hourly) at 8,441.01.

Technical Support is expected around 7,712.45/ 7,508.77/ 7,223.25 with Stops expected below.

Technical Resistance is expected around 9,071.00/ 9,651.00/ 9938.16 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.

Ethereum





Ethereum (ETH/USD) was slightly better early in today’s Asian session as the pair traded as high as the 192.09 area following Bids that emerged around the 187.29 level during yesterday’s European session. The pair found some decent Bids this week when it moved decisively above the 50-bar MA (4-hourly) and 100-bar MA (4-hourly), reaching the 196.09 area and registering its strongest print since 24 September when the pair crashed below the psychologically-important 200.00 figure. Sizable Stops were finally triggered above the 191.40 area this week, representing the 50% retracement of the move from 547.40 to 80.60.

ETH/USD’s move higher this week saw it launch further above the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly). Chartists are eager to see if ETH/USD Bulls can keep the pair above the 190.90 and 188.38 areas given their technical significance. The 197.56 and 202.38 areas are additional areas of technical significance, with the 202.38 area representing the 61.8% retracement of the 148.91 – 288.87 range. Above that area, the 206.29 level represents the 76.4% retracement of the 157.39 – 364.60 range.

Price activity is nearest the 200-bar MA (4-hourly) at 185.20 and the 50-bar MA (Hourly) at 189.00.

Technical Support is expected around 176.40/ 170.95/ 165.01 with Stops expected below.

Technical Resistance is expected around 197.56/ 202.38/ 206.29 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.