Description
⋅ Evening Traders,
Today’s analysis – ETHUSD- trading towards a key resistance level after a swing failure, a rejection is probable,
Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
(.618 Fibonacci Confluence)
- Low Volume
ETHUSD’s immediate price action is trading towards a key level, being the Daily S/R that is in confluence with the .618 Fibonacci.
A bearish retest is probable at the trade location, allowing for a bearish bias.
The current volume profile is below average, an influx will be probable when testing key trade locations.
Overall, in my opinion, ETHUSD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work!
And remember,
‘’No one strategy is correct all the time’’.- John Paulson