Price recently had a down impulse leg, followed by a corrective leg. The corrective leg recently stalled at 0.5 Fibonacci retracement resistance, and price has since made lower lows.
Price was correcting in a support channel structure, however the structure has recently broken and price began showing reversal candlesticks, implying a breakdown of price.
Price used 20 moving average as resistance, showing that even if the down move is intermediate (Since the 20 moving average is the smallest) it will be enough to break structure, ride the dollar dysfunction, and still deliver a profit anyway.
I am now expecting a down move in this pair to the target outlined on my chart at 0.016000.
I will update this analysis as the trade plays out.
@TomProTrader Thank you for your analysis. Could you make update on this what do you think now? it is still possible to go to 0.016? thanks
TomProTrader
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@acid-proof, Yes, it will be possible. But, for the time being no as long as Bitcoin stays at the highs, which, with the futures introduction might be a while.
acid-proof
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@TomProTrader, the price just broke the ressistance-ir means that short idea is no more valid?
cardan6006
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thank you, how about the ZECBTC he will continue to fall?
TomProTrader
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@cardan6006, I believe it will actually- yes. But I am not certain.
Bare in mind it crosses against BTC so watch BTC for the easiest indication of this.
utechs
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Thanks
What do you think about eth/usd pair?
TomProTrader
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@utechs, I can't see anything in this particular moment.
I would expect price to shake out and have more clarity come Monday where we can inspect the DXY.