ETHUSD Retrace Before Breaking Resistance !?

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello Traders!

Welcome to another update,

This will be a quick one on ETHUSD , potential 10% trade setup!

Points to consider,
- Bullish on 240 timeframe
- Price testing major resistance
- Stochs showing downwards momentum
- RSI reaching overbought territory
- EMA’s holding price as support
- Volume is picking up
- Double bottom wicks (bulls strong in this area)

ETHUSD has had a break from support testing lower regions around the $165 area, where bulls were then able to push price back into the now resistance zone .

Bulls are currently being faced with this new resistance, where if it is able to break, then we could see a potential 10% trade!

The indicators however do look quite bearish ; the RSI is currently in overbought regions, with the Stochs showing downwards momentum. The EMA’s however is currently holding price as support but this is not enough to justify with a high degree of probability that we have further upside momentum.

It would be healthy for the price to retrace back to the trend line from here, to allow the RSI and stochastics to cool down. This will allow the bulls to have greater momentum when breaking the next local resistance…

What are your thoughts? Will ETHUSD retrace before breaking resistance?

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And remember,

“A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business.” – Van K. Tharp
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