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ETHUSD technical analysis – 22 july 2020
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hourly chart analysis
The H1 chart should be used for short term trading position entry and exit
Price has jumped towards a resistance level at 247
This demonstrates the support level at 237 help up well
four hourly analysis
In our previous H4 analysis we demonstrated the price was slowly creeping up
This has continued several weeks on
We are now at a resistance level and will need to see what the support levels could be for potential entries and long term resistance levels for exits (if considering buys)
Currently, any sells would be quick wins as the price is supported quite strong for a while
Let us consider the longer term time frame as this is respected well
The D1 chart shows clearly how well respected this support channel has been
This demonstrates slow strength of the price
There is a trajectory towards the longer term resistance of 276
Keep an eye out for any downward breaks of this support channel
If we see significant candle bodies below this support level we could see strong movement towards 200