ETH - At first critical support
*This would only be a scalp long and not position long IMO. Here I have outlined 2 charts. The chart on the left is the 8H. This shows all of our current fib levels for ETH (currently we are at the 0.382) ($1560-1580) trying to hold support. I have also drawn a black box around the previous time we have been at this level and had a 30% move from this key support to our high. If we get a bounce of this level we could see a move back to $1730 or $1780 to retest resistance before falling lower. If we do fall lower our next targets are $1430-1450 and most importantly $1280-1310.
The chart on the right is the daily and shows the 100MA (Red) and the 50 MA (green). These moving averages have had a lot of confluence with price over the last month and are now converging at this level to potentially try to act as a short term relief zone.
Tight stop losses would be recommended incase this knife continues to fall.
The chart on the right is the daily and shows the 100MA (Red) and the 50 MA (green). These moving averages have had a lot of confluence with price over the last month and are now converging at this level to potentially try to act as a short term relief zone.
Tight stop losses would be recommended incase this knife continues to fall.
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