Technical analysis

ETHUSD technical analysis – 21 APR 2020 – bigX

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ETHUSD hourly chart analysis

Price consolidated after extended rally
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 120
  • The price has retraced from the low of 100 and there was as spike to 220
  • In this hold pattern, it is better not to enter any new positions, but to wait to find better entries and exits

ETHUSD four hourly analysis

Price testing triangle resistance
Figure 2: bigX web trader, ETHUSD Four Hourly Chart

Key Points

  • Using trend lines we can further support our analysis from H1
  • If we break up, out of the current ceiling trend then we will see the 200 price point
  • If we break down, out of the rising bottom trend we will see 100 price point
  • This also reinforces the point that the price is stable at this point approaching a pivot

ETHUSD daily analysis

Rejection of 38.2% Fibonacci level
Figure 3: bigX web trader ETHUSD Daily chart

Key Points

  • On the daily chart we can see use fib retracement
  • The 38% channel has been achieved and price bounced off
  • Expect the 23% figure around 150 to be challenged again
  • Supports our H1, H4 analysis of price moving sideways short a short period
  • Any entry point below the 20% fib level is a good point of entry for long term buy positions