Litecoin (LTC/USD) depreciated early in today’s Asian session as the pair fell to the 38.74 area after trading as high as the 41.51 area during yesterday’s European session. The pair’s recent movements have been quite technical. During Sunday’s move higher, LTC/USD traded as high as 44.02, just above the 43.89 area that represents the 50% retracement of the 65.60 – 22.17 range. On Tuesday, the market pulled back and dropped to the 41.26 area, representing the 23.6% retracement of the move from 103.06 to 22.17. Following the market’s test of 60.68 on 15 November, traders have had eyes on the 43.01 area as an important downside price objective.
Notably, following the market’s brief recovery from the 41.72 level earlier this week after its selloff from the 44.02 area, strong selling pressure emerged right around this 43.00 figure, underscoring the technical significance that it has had for six weeks. Chartists note that the 50-bar MA (4-hourly) recently crossed above the 100-bar MA (4-hourly), a bullish development that may result in additional price appreciation. Likewise, the 50-bar MA (hourly) has recently been trading above the 100-bar MA (hourly) and 200-bar MA (hourly), and the market moved higher from the 42.00 area to the 44.00 area while this has been the case.
Price activity is nearest the 50-bar MA (4-hourly) at 40.76 and the 50-bar MA (Hourly) at 41.15.
Technical Support is expected around 39.21/ 38.33/ 35.88 with Stops expected below.
Technical Resistance is expected around 42.69/ 44.04/ 47.22 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.
Bitcoin Cash (BCH/USD) made slight gains early in today’s Asian session as the pair moved back to the 194.12 level after trading as low as the 192.38 area during yesterday’s North American session. The pair traded as high as the 205.77 area during yesterday’s Asian session. Traders are paying close attention to some important technical levels that have limited the pair’s recent upside. Notably, the pair recently traded as high as the 215.80 area, above the 214.53 level that represents the 23.6% retracement of the pair’s move from 358.58 to 170.03. Below that level, the 208.81 level represents the 23.6% retracement of the move from 333.93 to 170.03 and the 202.64 area represents the 23.6% retracement of the move from 308.21 to 170.03.
After rebounding to the 213.43 level earlier this week following a selloff from the 215.80 area to the 204.89 level, the market quickly dropped to the 204.42 area, just below the 205.26 area that represents the 61.8% retracement of the move from 227.04 to 170.03. Also, the selloff was to just below the 205.00 figure that represents the 23.6% retracement of the move from 170.03 to 215.80. The Bids that emerged during the pullback also coincided with the 200-bar MA (4-hourly), then indicating around the 203.83 level. Traders cite Bids around the 198.54 and 191.81 levels.
Price activity is nearest the 50-bar MA (4-hourly) at 188.81 and the 100-bar MA (Hourly) at 190.01.
Technical Support is expected around 187.51/ 180.83/ 170.03 with Stops expected below.
Technical Resistance is expected around 215.80/ 218.35/ 223.80 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
from Crypto Daily™ https://cryptodaily.co.uk/2020/01/sally-ho-technical-analysis-3-january-2020
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