ETHBTC bounced from 50% Fibonacci retracement

١٤ أبريل ٢٠١٧

I posted ETHBTC idea week ago with possible short opportunity. Profits from short were all erased with ease by quick long move. This price movements is suggesting that market found strong resistance in 50% fibo level, creating nice support area. Fibonacci levels, specially 50% level is fairly respected by market since big movement and it is holding pair above it for quite some time. Area around .03500 was tested twice which is marked with orange ticks. Area between 0.03500 and 0.4200 created range where pair is consolidating in favour of long positions. I would suspect that 50% level will be tested once more, but more likely I see here that 200 ema will hold further losses and push pair up towards highs from 24th of March.

These two green ticks above doji candles are suggesting something like double top and to me it looks like strong support/resistance area which eventually was broken.

I would suggest to split stake in two and open position right now just in case price will move north quickly and open pending order in area marked on the chart.