ETHUSD is approaching our first support at 208.27 (horizontal overlap support, 61.8% fibonacci extension, 38.2% fibonacci retracement) and a strong bounce might occur above this level pushing price up to our majo resistance at 222.91 (horizontal swing high resistance, 61.8% fibonacci retracement, 61.8% fibonacci extension). Stochastic (21,5,3) is also approaching support where we might see a corresponding rise in price should it bounce off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
We're expecting a bounce as well. We're already in the long trade and are moving our stop losses to protect profits but still be in the trade in case we go somewhat "parabolic". Best of luck to you guys! Cheers!!
easyMarkets
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@TradeIndicators, thanks for your idea! Why do you think that price would move beyond the resistance level though? :-)
TradeIndicators
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@easyMarkets, I wouldn't go as far as saying we will go past the resistance you drew but we could head close to it :) I think we could see some quick profits with this long trade and be able to lock in maybe 2-3 percent and that adds up over time!
CryptoTaoist
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Good job. Gotta love the mindless people who say "TA doesn't work".