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ETHUSD technical analysis – 21 MAY 2020 – bigX
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ETHUSD hourly chart analysis
The H1 chart should be used for short term trading position entry and exit
We are currently withing a ranging bound of 200 to 220
The price has challenged the resistance at 213 several times looking for a breakout
We need to visualise on H4 and D1 charts why the price is behaving like this
ETHUSD four hourly analysis
H4 chart clearly shows the glitch/gap from Mar/Apr 2020 has finally been done (highlighted in the small yellow box)
We have also been on a gradual bullish trend for the past few months
If we trend this, we can see a potential range for the price in the coming weeks (highlighted in big yellow box)
Currently we look to be ranging
The price has dropped below the range but still continues a longer term trend up
ETHUSD daily analysis
On the daily chart we can see use fib retracement
The 61% level has been done and is now acting as a support for the price
This has opened up a potential to target the 100% level around 280