ETHUSD Potential for Bearish Drop| 9th January 2023
Looking at the H4 chart, my overall bias for ETHUSD is bearish due to the chart being overall bearish on the larger timeframe , indicating a bearish market. Looking for a sell limit entry at 1304.82, where the 78.6% Fibonacci line is. Stop loss will be placed at 1374.85, slightly above where the recent swing high is and liquidity is. Take profit will be at 1182.99, where the 78.6% Fibonacci line and liquidity hotspots are.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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