easyMarkets
Short

ETHUSD approaching resistance, potential drop!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD is approaching our first resistance at 118.61 (horizontal swing high resistance, 23.6%, 50% Fibonacci retracement ) where a strong drop might occur below this level pushing price down to our major support at 102.95 (horizontal swing low support, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ).
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding drop in price.
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We're watching this really closely as well. We're in a short trade and updating our stop loss every 4 hours. We have a guaranteed winning trade but this is a great analysis of where the price could rebound to and then back to for support. Thanks for the great TA guys!
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