ETHBTC has recently entered a Daily downtrend. 4H has formed a LL and recovered well with a double bottom, however I'm expecting this to be merely a retracement before the move down is continued.
Therefore looking to open a short. This level is the supply zone that the new LL was formed out of, lines up well with previous 4H EQ level, and the 38.2 of both the larger move up and recent daily move down.
Personally much prefer 50 and 61.8 fibs, and for that reason and worries about liquidity and price conversion I've taken this for 0.25 % account risk.
Trade closed: stop reached:
Copped a loss on this one. I don't often use the 38 fib as I don't find it to have a high rate of success.
