Advertisement

Advertisement

Home

Sally Ho's Technical Analysis 28 July 2019

Sally Ho's Technical Analysis 28 July 2019

Litecoin

Litecoin (LTC/USD) orbited the 88 level in today’s Asian session as traders continue to reprice the pair with a weaker market bias following the pair’s recent inability to get above the 97.72 area.  The 95.86 level has recently emerged as important technical Resistance and this led to traders recently testing the 87.86 area, representing the 61.8% retracement of the move from 76.63 to 106.04.  The pair continues to comfortably trade below the 100-bar MA (4-hourly), and recently traded as low as the 86.57 area.

Technicians note that the 83.57 level represents the 76.4% retracement of the move from 76.63 to 106.04. Notably, the 83.34 area also represents an important downside price extension objective that became relevant on account of price activity following the pair’s recent peak around the 146.00 area on 22 June. The pair’s inability to retest the 107.27 area on 18 July and 20 July reinforced the significance of the 83.34 area. The next downside price extension objective related to this range would include the 63.99 area, a level that is considerably below the market and would require greater bearishness before traders would be able to absorb Bids and test it.

Price activity is nearest the 50-bar MA (4-hourly) at 94.91 and the 50-bar MA (Hourly) at 92.38.

Technical Support is expected around 83.57/ 75.06/ 69.47 with Stops expected below.

Technical Resistance is expected around 95.86/ 99.10/ 106.04 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Bitcoin Cash

Bitcoin Cash (BCH/USD) has recently traded sideways with a negative tone following its test of technical Support around the 262.40 area and its recent test of technical Resistance around the 341.50 area. As BCH/USD has been rangebound over the past several days, the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly) continue to converge with traders lacking a distinct market bias. If market sentiment improves, its recent test of 262.40 means the 381.39 level could be relevant on the upside.

Notably, the recent crash below the 341.50 area was a very important one as that level represents the 23.6% retracement of the move from 1209.99 to 73.33. Stops were elected during selling pressure below this area on 11 July.  Technicians are eyeing the 276.05 area as an important downside price extension objective, and if market sentiment deteriorates further, the 255.06 level will come into view and could be tested. The 237 area represents the pair’s next major downside target below that level.

Price activity is nearest the 50-bar MA (4-hourly) at 309.90 and the 100-bar MA (Hourly) at 304.37.

Technical Support is expected around 275.42/ 262.40/ 237.83 with Stops expected below.

Technical Resistance is expected around 323.01/ 331.64/ 344.09 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.

Advertisement

Advertisement