ETHUSD approaching resistance, potential drop!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD is approaching our first resistance at 175.50 (horizontal overlap resistance, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ) where a strong drop might occur to our major support at 156.75 (horizontal swing low support, 50% Fibonacci retracement ).
Stochastic is also approaching resistance where we might see a corresponding drop in price.
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We are at the resistance point so let's see what happens. We're long and I think we have what it takes to keep going up. Look at the stochastic on the daily and it is very bullish! I think a double top formation is due in the next 3-4 days.
+2 Reply
I think ETH will brake resistance easily. Ethereum meet up is few days away and Istanbul upgrade is also not that far away https://dapplife.com/ethereum-istanbul-upgrade-is-eth-price-on-the-cusp-of-a-change-in-direction/ so we can expect ETH to skyrocket
+1 Reply
Agreed, so many people long ETH. Crowded trade!
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