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.
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✓✓✓ 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 broker:: bit.ly/HYMCMELI
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👉 my exchange: bit.ly/LbankMeli
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👉 my Autotarder: bit.ly/btse
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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👉 my exchange: bit.ly/LbankMeli
____
👉 my Autotarder: bit.ly/btse
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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