Bitcoin





Bitcoin (BTC/USD) was weaker early in today’s Asian session following a stronger showing during yesterday’s North American session that saw the pair back around the 8760.43 area, just above the 61.8% retracement of the move from 8947.88 to 8426.09. During yesterday’s European session, BTC/USD came off and traded as low as the 8426.09 area after Stops were elected below the 8488.00 area, an important level that was a historical relative high.

Traders are looking to see if the pair can hold the 8598.42 area, representing the 23.6% retracement of the move from 7467.10 to 8947.88. The market has still failed to absorb the 8793.98 and 8852.80 areas with conviction to establish new multi-month highs, and needs to do so to challenge the 9532.39 level, representing the 38.2% retracement of the move from 19891.99 to 3128.89. Above that area, the 9948.12 remains a relative historical high that could provide some technical Resistance.

Price activity is nearest the 50-bar MA (4-hourly) at 8238.70 and the 50-bar MA (Hourly) at 8689.23.

Technical Support is expected around 8488.00/ 8124.10/ 7506.12 with Stops expected below.

Technical Resistance is expected around 9532.02/ 9948.12/ 10121.50 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

Ethereum





Ethereum (ETH/USD) was generally weaker early in today’s Asian session after the pair was pushed as high as the 274.25 level during yesterday’s North American session. Traders were eyeing the 274.98 area as an upside price target that represents the 76.4% retracement of the move from 279.55 to 260.20 but the market consolidated late in the North American session. Some Bids were seen around the 269.88 level late in yesterday’s North American session, representing the 50% retracement of the aforementioned range, but they eventually gave way early in today’s Asian session.

ETH/USD has now been trading sideways for a few days as the market looks for direction. Technical Bulls would like to see the pair hold the 261 – 262 area during the next retracement lower with stronger technical Support expected around the 258 – 259 area. A very important technical level remains the 257.22 area, representing the 23.6% retracement of the move from 828.97 to 80.60. Below that area, technicians are eyeing the 252.39 area, representing the 23.6% retracement of the move from 157.28 to 281.77.

Price activity is nearest the 50-bar MA (4-hourly) at 257.46 and the 50-bar MA (Hourly) at 269.94.

Technical Support is expected around 260.73/ 243.82/ 231.12 with Stops expected below.

Technical Resistance is expected around 281.77/ 289.64/ 298.24 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.