ETHUSD Potential for Bearish Momentum | 12th October 2022

12 ต.ค. 2022

The current overall bias for ETHUSD is bearish, according to the H4 chart. To add to this bias, the price is currently below the Ichimoku cloud, indicating a bearish market. Looking for a retracement sell entry at 1340.00, which corresponds to the 61.8% Fibonacci line. The stop loss will be set at 1384.41, just above the previous swing low and the 100% Fibonacci line. Because of the intermediate resistance highlighted by the dotted red line, I did not set my stop loss at 1384.41. Price may function as a magnet and gravitate towards that location. The take profit level will be 1220.00, which is the intersection of the 0% Fibonacci line and the previous low.


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