ETHUSD Potential for Bullish Rise to Overlap Resistance
Looking at the H4 chart, my overall bias for BTCUSD is bullish. As there is an ascending trend line, expect the price may head back to retest the 1st support that intersects with the ascending trend line, before it goes up. Looking at a pullback buy entry at 1607.28 which is the overlap support, take profit at 1784.65 which is the overlap resistance, and stop loss at 1523.98 where the 38.2% Fibonacci Line.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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