Technical analysis for the stock market

ETHUSD technical analysis – 4 APR 2020 – bigX

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BTCUSD hourly chart analysis

Trading Bitcoin at reversal
Figure 1: bigX web trader, H1 BTCUSD chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • Previous week’s support broken through, opening up further movement down
  • FIB retracement 23% has been done
  • Severe volatility in markets shows weakness of long positions, but potential swift entries and exits are possible
  • Retracement to 6000 and 7000 are within range

ETHUSD hourly chart analysis

Trading after a massive false spike
Figure 2: bigX web trader, ETHUSD Hourly Chart

Key Points

  • ETHUSD also supports a mass sell-off of assets
  • H1 reverse pin pattern suggests further move down in ETHUSD
  • We are approaching a yearly low of 73.00
  • Will we approach a close to 0.00 price for ETHUSD?

ETHUSD four hourly chart

Massive support for Bitcoin
Figure 3: bigX desktop trader ETHUSD 4H chart

Key Points

  • The four-hourly chart for ETHUSD shows potential support and resistance points
  • We have a potential to approach multi year lows of 80.40 and 50.47
  • The sharp spike and dip to 200.55 is still possible for long term exits

XRPUSD four hourly chart

Consolidation in Bitcoin price
Figure 4: bigX web trader, XRPUSD 4H chart

Key Points

  • We have broken a key support level at 0.200
  • An all time low at 0.03+ is within range
  • Excellent buying opportunities for long term positions
  • Bearing in mind the yearly high for XRPUSD is 0.48 and the all-time high around 2.7

technical summary

  • In this technical analysis we have summarised three major coins with different chart timelines
  • The price action across the board shows many traders, retail and institutional are offloading their crypto assets
  • For technical traders, several interesting buying opportunities have opened up
  • With patience and long-term investment many positions will soon become profitable
  • In this situation, however, further movement down is still expected, so daily price action analysis is recommended