ETH → a short position signal

1 Eyl 2024

hello guys.

Resistance Zone:
Price action has recently tested the resistance zone around $2,668-$2,715 (yellow shaded area), which aligns with a Fibonacci retracement level of 0.618. The price was unable to break above this resistance and has started to move downward.

Bearish Trend Formation:
A clear downtrend is forming as the price has failed to make a higher high and is now making lower lows. The downtrend is confirmed by the rejection from the resistance zone.

Fibonacci Retracement Levels:
The chart uses Fibonacci levels to highlight potential support and resistance areas. Key levels to watch:
0.382 retracement at around $2,455.94
0.618 retracement at around $2,395.78 (next target zone)

Key Support Levels:
The next significant support level is around $2,366 (highlighted by the yellow zone at the bottom). If the price continues its downward movement, this area may serve as a potential buying opportunity or a target for short positions.

Potential Trading Strategy:
The bearish momentum suggests considering a short position with a target near the $2,366 support zone. A stop-loss could be placed above the recent high at $2,668 to manage risk.

Market Outlook:
Bearish in the short term as the price is likely to continue declining towards the next key support level.

Overall, the chart suggests a bearish trend with a potential downside target around $2,366 if the current support level fails to hold.

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4 Eyl 2024

Not

the aim area touched,

please, cancel your position.