Bitcoin





Bitcoin (BTC/USD) was slightly weaker early in today’s Asian session as the pair moved to the 8328.81 level after trading as high as the 8420.00 area late in yesterday’s North American session. Some traders have reevaluated market sentiment following the rapid sell-off early in yesterday’s Asian session that saw a plunge from the 8446.03 level to the 8146.47 area in just a few minutes. Technical Bids emerged to protect the 8130.75 area, representing the 61.8% retracement of the move from 7701.00 to 8826.00. Below that area, the 7966.50 area represents the 76.4% retracement of the same range.

If a weaker market bias is developing, traders will pay attention to price activity if and when it approaches the 7701.00 level, an area BTC/USD has bounced higher from three times since 26 September. Below that area, the 7344.90 level represents the 61.8% retracement of the move from 9949.85 to 3130.62, and the 7235.95 area represents the 61.8% retracement of the 3136.25 – 13868.44 range. Also, the 7084.98 and 6865.68 levels are technically significant.

Price activity is nearest the 50-bar MA (4-hourly) at 8,316.58 and the 200-bar MA (Hourly) at 8,309.94.

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 Bearishly below MACDAverage.

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

Ethereum





Ethereum (ETH/USD) weakened early in today’s Asian session as the pair traded as low as the 186.03 area after trading as high as the 188.58 area late in yesterday’s North American session. Market sentiment seems to have downwardly shifted late last week when the pair was unable to push above the 197.93 area during a push higher, a level that was just above the 76.4% retracement of the 146.00 – 364.49 range. Given the recent apparent shift in market bias, some areas of potential technical Support now include the 175.02 and 169.61 areas.

The 179.84 and 169.24 levels are important technical levels as well, as they represent the 38.2% and 23.6% retracement levels of the recent 224.71 – 152.11 range. Additionally, the technical significance of the 165.25 level has been reconfirmed lately given the Stops that were elected below this level during the move lower on 24 September and the Bids that emerged around that level on 30 September. Price activity has also been supported around the 100-bar MA (4-hourly) in recent trading sessions, and traders are looking to see if this continues.

Price activity is nearest the 100-bar MA (4-hourly) at 179.20 and the 100-bar MA (Hourly) at 183.93.

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

Technical Resistance is expected around 191.40/ 197.93/ 202.38 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 Bullishly above MACDAverage.