Today’s analysis – ETHUSDT- trading below Local S/R where further downside is probable, Points to consider, - Price Action Impulsive - Local S/R resistance (200 MA Confluence) - .618 Fibonacci Objective - Declining Volume
ETHUSDT’s immediate price action is trading bearish under local S/R allowing for a short term bearish bias with the 200 MA being in confluence.
The .618 Fiboancci is current objective, price action is likely to respect this level for a bottom fishing entry.
The immediate volume is below average, an influx is highly probable when testing key trade locations.
Overall, in my opinion, ETHUSDT is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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