fosis
Short

Bearish engulfing pattern

KRAKEN:ETHXBT   ETH / XBT
The price created Bearish engulfing pattern on the chart. This is reversal signal of the uptrend move.
Taking into account situation on lower timeframes, where the bulls are taking action, I'm expecting the ETHXBT to return above level 23,6% of drawn fibonnacci retracement. When this occurs, it will be the best moment to open short position.
Moreover there is Bearish Divergence on RSI , however this signal in my opinion is not very strong.
The take profit level for me is below 0,07.
The coming weeks will belong to bears.
The Bitcoin is getting segwit, which in opinion of many people is very bullish signal, that's why the money will move to it.
The worsening situation on ETH market will probably impact many incoming ICO's.
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