Copy link
Increase text size
Decrease text size
Link copied

FxWirePro: ETH/USD briefly breaks below 400, close below confirms further downside

Fri, 03 Aug 2018, 10:44 am UTC

ETH/USD briefly broke below 400 levels on Friday and hit 395 levels.

The pair is currently trading at 409 levels on the daily chart with a butterfly doji formation at the time of writing.

On the upside, the pair faces resistance at 425 (5-DMA) and a break above would target 446 (10-DMA)/ 470 (cloud bottom)/500.

On the downside, the pair shopped short of 393 (127.2% retracement of 418.23) and further weakness would drag it to 361 (1w 90-EMA)/349 (113% extension of 828.97 and 404.22).

Technical indicators remain bearish on the daily chart – RSI is weak at 35, MACD line is below the signal line, and stochs are in the oversold zone. However, the butterfly doji pattern suggests bitcoin bulls are trying hard to keep the pair from falling below 400.

Call Update: We recommended staying short in our previous call. The pair has hit TP1.

Recommendation: Book partial profits, stay short. Trail SL to 430. TP: 390/360.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $48,419.00 (+3.65%)
  • Ethereum (eth) $1,546.32 (+6.63%)
  • Cardano (ada) $1.22 (-5.40%)
  • Binance Coin (bnb) $247.92 (+10.33%)
  • Tether (usdt) $1.00 (+0.19%)
  • Bitcoin (btc) $48,419.00 (+3.65%)
Mar 2, 2021 (Tuesday)
08:09
Polygon: “Matic Wallet” App On Play Store Is Fake
06:37
Theta Network tweeted, "Theta Mainnet 3.0 is coming April 21st!"
06:33
Crypto Artwork NFT By Pak Sold For 111 ETH
06:28
MoneyGram Faces Lawsuit Over Alleged False Statements Regarding XRP
06:27
Origin Protocol Is Expect To Process Fund Withdrawal On March 3
06:17
Integrated Ventures Completes Purchase Of 600 Avalon Miners Manufactured By Canaan
06:15
NFTX To Enable NFT Swap
06:05
24H Trading Volume Of Uniswap Tokens Marks $831 Mln
06:05
24H Trading Volume Of Uniswap Tokens Marks $831 Mln
06:02
Effective Hashrate Of Filecoin's Entire Network Marks 2.889 EiB
04:23
BTC Contracts See Shorts Accounting For 51.67% In The Past 4 Hours
03:58
BadgerDAO Integrates With RenVM
03:54
FTX users now are able to deposit USD via a PayPal account.
03:52
Wing Finance Introduces PolkaPet — Wing
03:25
BM: IBC Tech Completed Mostly
03:22
CoinNess Market Surveillance Mar. 2: BTC Rises To $49000 Level
03:14
Hurun Global Rich List: Coinbase CEO Pulls Ahead Of Other Blockchain Practitioner
02:51
Polkastarter announces that DFG now becomes one of members of the Polkastarter governance committee.
02:50
DOGE Is Now Supported At 1800 ATMs In 45 US States
02:30
Crypto Market Sentiment On Mar 02: Market In "Extreme Greed"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft