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06.01.2023 06:39 AM
ETHUSD Potential For Bearish Drop | 6th January 2023

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Looking at the H4 chart, my overall bias for ETHUSD is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect the price to head towards the 1st resistance at 1308.21, where the 38.2% Fibonacci line is. In an alternative scenario, price could head back down towards the 1st support at 1231.62, where the 50% Fibonacci line is.

Trading Recommendation

Entry: 1308.21

Reason for Entry: Retest 1st resistance line

Take Profit:1231.62

Reason for Take Profit: 1st support line

Stop Loss: 1351.87

Reason for Stop Loss:

Recent swing high

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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