Timeframe: 240M
Main Scenario: ETH/USD could resume the downside movement if the rate will make a valid breakdown below the 150% Fibonacci line. You can see that it has developed a minor chart pattern, so a valid breakout from this pattern will confirm further drop on the short term.
Alternative Scenario: We may have an upside movement if the rate will make a valid breakout on the upside. You should know that an important upside movement will be confirmed only after a valid breakout above the outside sliding line (sl).
Entry/Stop Loss/ Take Profit: Maybe you can go short from 401.36 level and you should place a Stop Loss at 414.04 level. The Take Profit could be at 375.71 level.
Duration: 3-5 days
Consolidation/Ratification level: The Stop Loss can be dragged below the opening price if the rate will make a valid breakdown and if it will stabilize below the 397.84 level.
Warning Level: You should be careful because a false breakdown from the minor chart pattern will signal a potential bullish momentum
Risk Management: Risk/Reward Ratio: 2.02
Main Scenario: ETH/USD could resume the downside movement if the rate will make a valid breakdown below the 150% Fibonacci line. You can see that it has developed a minor chart pattern, so a valid breakout from this pattern will confirm further drop on the short term.
Alternative Scenario: We may have an upside movement if the rate will make a valid breakout on the upside. You should know that an important upside movement will be confirmed only after a valid breakout above the outside sliding line (sl).
Entry/Stop Loss/ Take Profit: Maybe you can go short from 401.36 level and you should place a Stop Loss at 414.04 level. The Take Profit could be at 375.71 level.
Duration: 3-5 days
Consolidation/Ratification level: The Stop Loss can be dragged below the opening price if the rate will make a valid breakdown and if it will stabilize below the 397.84 level.
Warning Level: You should be careful because a false breakdown from the minor chart pattern will signal a potential bullish momentum
Risk Management: Risk/Reward Ratio: 2.02