easyMarkets
Short

Potential big drop upcoming for ETHUSD!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD is testing our first resistance at 172.99 (horizontal swing high resistance, 100% Fibonacci extension , 61.8% Fibonacci retracement ) where we might see a corresponding drop in price to our major support level at 158.53 (horizontal swing low support, 61.8% Fibonacci retracement ).
Stochastic is also approaching resistance where we might see a corresponding drop in price.
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Nailed the second resistance! Looking at this as well and we just scaled out 20% of our ETH long trade in case we see a nice dip here. Currently up 4.80% but could be a lot higher if we break resistance and keep going. There is a lot of potential for this move if you look on the 1D at the Higher High and Higher Low formation. Thanks as always for the great updates and the simplicity on your charts. This is why we follow you :)
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