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Sally Ho's Technical Analysis 16th April 2019


Bitcoin (BTC/USD) found a Bid early in the Asian session but only after the pair fell to the 4945.54 level during yesterday’s North American session, its weakest print since 11 AprilStops were elected below the 4970.67 area during the descent, representing the 76.4% retracement of the move from 4901.99 to 5193.01. During today’s climb higher from multi-day lows, BTC/USD found a Bid around the 5013.16 area, representing the 61.8% retracement of the aforementioned range. Chartists are eyeing the 5081.84 area as the pair’s next upside target.

Other minor retracement levels including 5098.48/ 5134.61 related to yesterday’s depreciation from 5193.01 to 4945.54. Technicians are also eyeing the 50-bar MA (4-hourly) as technical Resistance, currently around 5144.99. Traders also continue to pay close attention to the 5176.07 area, representing the 38.2% retracement of the 8488.00 – 3128.89 range.

As noted in our 15 April 2019 analysis, any additional buying power will…

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2019-04-16 09:20:00

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