easyMarkets
Long

ETHUSD approaching support, potential bounce!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD is approaching our first support at 156.61 (horizontal swing low support, 100% Fibonacci extension , 50% Fibonacci retracement ) where a strong bounce might occur above this level pushing price up to our major resistance at 168.67 (38.2% Fibonacci retracement ).
Stochastic is also approaching support where we might see a corresponding bounce in price.
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Currently up 3.68% on this short but the support is looking daunting. We might hit your support bounce back up for a nice higher low and then for a lowe lower which would be great for everyone going short. Stoch is due for a move up so I would just watch for the bull trap with a fast candle up and then a crashing candle down. Thanks for the update!
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