2021/10/03 14:22 PM – 78.6% FIBONACCI RETRACEMENT

ETHUSD – 78.6% FIBONACCI RETRACEMENT ! by Ironman8848 on TradingView.com

The 78.6 %  Fibonacci retracement @ 3’457 has been filled (intraday high so far @ 3’469). 
In addition, the ETH is still below the ongoing downtrend line resistance and last but not least 
STILL WITHIN THE CLOUDS on a daily basis.
 


Therefore, further development will depend on upcoming price action over the next trading hours and 
will be confirmed by the daily closing level later on today. 


A failure to clearly breakout the 3’500 area and hold above it on a D1 closing basis, will add a renewed 
selling pressure putting the focus on lower levels towards 3’300/3’150 , the latter being the cluster of  KS and  MBB and also roughly the 38.2% Fib ret of the last 2652-3469 rally; below 3’060 (clouds  support zone ).
 

An upside breakout of the downtrend line resistance would open the door for 3’676 (former high) ahead of psychological 4’000 level and also Sept 3rd high (4’027) 

As always, do not forget to monitor shorter time frames (intraday) in order to get early signal (s) which will help you to act accordingly in getting validation or invalidation of implications above mentioned 🙂 

All the best 

Ironman8848 

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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