Technical analysis for the stock market

ETHUSD technical analysis – 21 MAY 2020 – bigX

Disclaimer: Any information contained in this website are the intellectual ownership of bigX. If you share this information, please reference the source link at bigX at all times and include this disclaimer.  The opinions, analysis, charts and pricing based in this market analysis do not constitute investment advice.  This should not be relied upon as your only source of market research and should never be used for actual trading decisions.  Our opinions and analysis are subject to change at any point and we will not accept liability for any losses directly or indirectly from this information.  You should never use just one source of information to make trading decisions, rather you should take your time and make an informed decision based on your own research.  Please note that past performance and analysis are no indicators for future results.

ETHUSD hourly chart analysis

Technical chart of ETHUSD
Figure 1: bigX web trader, H1 ETHUSD chart

Key Points

  • 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

ETH/USD breaks trend line support, potential short at bullish correction
Figure 2: bigX web trader, ETHUSD Four Hourly Chart

Key Points

  • 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

Retracement towards broken 61.8%, potential bullish rally ahead
Figure 3: bigX web trader ETHUSD Daily chart

Key Points

  • 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
  • Expect further challenges to the 50% level