ETH → a short position signal
hello guys.
Resistance Zone:
Price action has recently tested the resistance zone around $2,668-$2,715 (yellow shaded area), which aligns with a Fibonacci retracement level of 0.618. The price was unable to break above this resistance and has started to move downward.
Bearish Trend Formation:
A clear downtrend is forming as the price has failed to make a higher high and is now making lower lows. The downtrend is confirmed by the rejection from the resistance zone.
Fibonacci Retracement Levels:
The chart uses Fibonacci levels to highlight potential support and resistance areas. Key levels to watch:
0.382 retracement at around $2,455.94
0.618 retracement at around $2,395.78 (next target zone)
Key Support Levels:
The next significant support level is around $2,366 (highlighted by the yellow zone at the bottom). If the price continues its downward movement, this area may serve as a potential buying opportunity or a target for short positions.
Potential Trading Strategy:
The bearish momentum suggests considering a short position with a target near the $2,366 support zone. A stop-loss could be placed above the recent high at $2,668 to manage risk.
Market Outlook:
Bearish in the short term as the price is likely to continue declining towards the next key support level.
Overall, the chart suggests a bearish trend with a potential downside target around $2,366 if the current support level fails to hold.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Resistance Zone:
Price action has recently tested the resistance zone around $2,668-$2,715 (yellow shaded area), which aligns with a Fibonacci retracement level of 0.618. The price was unable to break above this resistance and has started to move downward.
Bearish Trend Formation:
A clear downtrend is forming as the price has failed to make a higher high and is now making lower lows. The downtrend is confirmed by the rejection from the resistance zone.
Fibonacci Retracement Levels:
The chart uses Fibonacci levels to highlight potential support and resistance areas. Key levels to watch:
0.382 retracement at around $2,455.94
0.618 retracement at around $2,395.78 (next target zone)
Key Support Levels:
The next significant support level is around $2,366 (highlighted by the yellow zone at the bottom). If the price continues its downward movement, this area may serve as a potential buying opportunity or a target for short positions.
Potential Trading Strategy:
The bearish momentum suggests considering a short position with a target near the $2,366 support zone. A stop-loss could be placed above the recent high at $2,668 to manage risk.
Market Outlook:
Bearish in the short term as the price is likely to continue declining towards the next key support level.
Overall, the chart suggests a bearish trend with a potential downside target around $2,366 if the current support level fails to hold.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Note
the aim area touched,
please, cancel your position.
👉my recommended broker:
bit.ly/HYCM-M
__________
👉my recommended exchange:
bit.ly/LbankMelika
__________
My telegram channel:
t.me/melikatrader94
bit.ly/HYCM-M
__________
👉my recommended exchange:
bit.ly/LbankMelika
__________
My telegram channel:
t.me/melikatrader94
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.