23 November 2019 - ETH/DAI – 4-hourly

Published 4 years ago on November 23, 2019

In this 4-hourly chart of Ethereum/ Single Collateral DAI (ETH/DAI), there is a depreciating range from 188.55 to 172.12.

We can see the price appreciated to the 176.63 level (identified by the red down arrow), above the 175.9975 area that represents the 23.6% retracement of the depreciating range.

The pair then depreciated as low as the 155.58 area before retracing higher.

Using RSI, we can see the slope of RSI (14) and RSI Average (3) moved from negative to positive on the bars subsequent to the low print of 155.58. These developments indicated a likely reversal and this was confirmed when RSI (14) crossed above RSI Average (3).

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Sally Ho

Sally Ho trades cryptocurrency markets in size for large Asian institutional funds and provides technical analysis of popular trading pairs. Sally was a Macro trader with large Asian, European, and North American banks in Hong Kong and Singapore for several years, focusing on the FX, Metals, Energy, and Derivatives markets. Sally resides in Asia, London, and Switzerland.