Bitcoin (BTC/USD) gained marginal ground early in today’s Asian session as the pair escalated higher to the 6274.32 area after encountering upward buying pressure around the 5851.00 level during yesterday’s European session. Notably, the 6274.32 area was just below some upside price objectives related to the 3858.00 and 4432.30 areas, along with downside price objectives related to the 6990.00 area. The pair peaked around the 6384.60 level during yesterday’s Asian session before depreciating. Traders continue to experience very volatile market conditions, rendering its quite challenging to determine market sentiment and a reliable trading bias. After opening the month around the 8525 area and escalating higher to the 9214 area, BTC/USD quickly depreciated to the 3858 area. The pair then traded sideways before escalating from the 4309 area to the 6990 area and then depreciating sharply to the 5657.00 area. During a pullback during yesterday’s Asian session, the pair precipitously fell to the 5657.00 area, just below the 5677.27 area that represents a downside price objective related to recent selling pressure that emerged around the 6441.37 area.
Stops were elected below many areas during the rapid decline, and these levels include the 6120, 6059, 6044, 5951, 5941, 5823, and 5799 levels. Above current market levels, traders are observing upside price objectives around the 7101.76, 7234.54, 7414.53, 7558.22, and 7761.66 levels. Below current market activity, traders are closely watching levels including the 4342, 3688, 2882, and 2673 levels. Stops are likely in place below these levels. Technicians are paying attention to the recent depreciation from the 6990 level to the 5657 area. Stops were elected above the 6323.50 area during yesterday’s North American session, a level that represents the 50% retracement of the depreciating range. Above that area, the 6480.79 area represents the 61.8% retracement, followed by the 6675.41 area as the 76.4% retracement level.
Price activity is nearest the 50-bar MA (4-hourly) at 5571.51 and the 50-bar MA (Hourly) at 6275.42.
Technical Support is expected around 4342.13/ 3688.61/ 2882.04 with Stops expected below.
Technical Resistance is expected around 7101.76/ 7234.54/ 7414.53 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 Bullishly above MACDAverage.
Ethereum (ETH/USD) gained ground early in today’s Asian session as the pair appreciated to the 134.31 level after trading as low as the 125.84 area during yesterday’s North American session. Some Stops were elected below the 127.54 and 126.48 areas during the pair’s depreciation, levels related to the pair’s recent decline from the 154.00 area during Friday’s European session. One level that ETH/USD continues to orbit is the 133.03 level, an upside price objective related to recent upward buying pressure around the 90.00 area. Trading activity this month has seen the market open March around the 218 level, climb to the 253 area, sharply depreciate to the 90.00 area, reclaim lost ground to the 154.00 area, and then depreciate to the 115.51 level. Stops were elected above the 130.67 and 133.40 levels during the pair’s ascent late last week, eventually testing the 154.00 area, right around the 154.03 area that represents a downside price objective related to selling pressure that commenced around the 253.01 level on 7 March.
During the pullback during Friday’s North American session, several Stops were triggered below many important short-term downside price objectives including the 135.99, 131.74, 127.54, 126.48, 119.36, and 117.98 areas. Notably, buying demand emerged around the 115.51 area following the volatile selling pressure during yesterday’s Asian session, a price level that is technically significant because it represents an upside price objective related to buying pressure that emerged around the 90.00 area on 13 March. Upside price objectives include the 140.24, 143.19, 144.03, and 153.22 levels. Downside price objectives include the 116.59, 115.50, and 111.18 areas.
Price activity is nearest the 50-bar MA (4-hourly) at 124.47 and the 50-bar MA (Hourly) at 135.88.
Technical Support is expected around 124.81/ 119.84/ 115.50 with Stops expected below.
Technical Resistance is expected around 153.22/ 156.77/ 159.62 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 Bullishly above MACDAverage.
from Crypto Daily™ https://cryptodaily.co.uk/2020/03/sally-ho-technical-analysis-22-march-2020-btc-eth-bitcoin-ethereum
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