Tickmill
Short

Ethereum on major resistance, potential reversal!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar

Ethereum is now testing major resistance at 864 ( Bearish price action, horizontal swing high resistance, Fibonacci extension ) and a strong reaction could occur at this level which could push price down to at least 766 support ( Fibonacci retracement , horizontal pullback support). Our next major level of resistance is at 905 (above strong bearish price action, Fibonacci extension ).

Stochastic (34,5,3) is seeing major resistance below 99% and is starting to drop nicely from that level.

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This analysis is provided as general market commentary and does not constitute investment advice.
@Tickmill , Thanks for the analysis. The price broke through both the resistance levels you mentioned. What are the chances of a pullback at this stage? What do you suggest now?
Reply
The trend is your friend. What did you miss?
Reply
@CB58, Nothing, there just was small resistance level, so some rollback was possible
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broke as hell
+4 Reply
Resistance at 905 broke right? Bullish pattern incoming.. any tp in mind?
+1 Reply
if you plot rsi stochastic, there is divergence, is there a confirmation for short ?
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Great idea.. love it! Thx!
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