Tickmill
Short

Ethereum on major resistance, potential reversal!

BITFINEX:ETHUSD   Ethereum / 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.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

This analysis is provided as general market commentary and does not constitute investment advice. We will not accept
@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
Reply
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 ?
Reply
Great idea.. love it! Thx!
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