speracado
Short

ETHUSD Retracement Struggle

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
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8
ETH 4HR makes me feel uneasy, 61.8 retracement is a strong point. I'm not seeing much luck pushing past 296.00 at the moment. Looking at 244-274 for back testing. Ready to quickly cover though as to not get blown away if 296 finds force with a bullish sentiment at BTCUSD .
Trade active
Trade closed: target reached: 286.10 covered from 296 - watching before more wiggle room.

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How do things look, do we expect the price to reach lower levels of 244-274 before attempting to break 296?
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speracado axdimensions
@axdimensions, It hard to say since nothing is set in stone. I covered for a quick profit on a short. 296 I believe will be tested again and if its not tested back hard and move sideways long enough it will move into another up channel and could break 300 from there. Every moment it moves more sideways and gets closer to side-trading itself into a better channel the more support it builds.
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unitednoobies speracado
@speracado, Yes I think you are right. We just had the bounce back from 210 my new entry price. We won't see low 200 for awhile more than couple of 2- 3 weeks.
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