ETH/USD - The Almighty Fibonacci

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Hello my friends!

Let's go straight to the chart ---->

As you can see the entire crypto market is falling down due to recent news about various exchanges being hacked and Mt.Gox bitcoin trustee selling $400 mln worth of his Bitcoins . This had a tremendous impact on the market but I am convinced that the downfall is limited. First of all, ETHUSD is currently testing its local support level $650 and as you can see the 23.6% local fibonacci retrace is very close to this level. At the moment the price is above of this local 23.6 line which suggests ETH has failed to break the line and continue its plunge down to $564 (next support area ). Though, it is hard to say if the pair has finally reversed and has opened the road back to $775 because Aroon Down still prevails and RSI got stuck in the oversold area hesitating to go upwards. We need more time!

Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.

Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!
Comment: Strong support as you can see
Comment: Reached the very bottom. Guys, buy opportunity is NOW