ChristopherCook

Overbought Short Opportunity Eth

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
As you can see on the two downward upper and lower trend lines I called a short opportunity when ETH/USD was hovering around 242. Looks like that was the right call and it went down to 215. Would have been a nice little profit I would say.

Now we are nearing overbought again comparatively similar to the last call considering the trend lines and where the price action lies at the moment within the trend.

This could be another short opportunity. However the MACD is meddling with a cross which may signal that waiting for confirmation may be best. Lets wait and see if this gets rejected at 240. If it goes to 244 its a buy. If its rejected at 240 and we bounce back down to 237-238 its a short opportunity.
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