In this article, we want to give you a “heads up” on Ethereum.
The pair is breaking below the strong upside support 195 level.
The break is significant and can lead to an extreme downside extension in the channel. This is providing a perfect short risk to reward entry.
In this kind of situations, waiting is not a good option. Traders should execute short trades as early as possible. The risk by placing a stop loss above the 210 level is almost 25$ per point but the possible reward could be much greater even more than 50$ per unit if we get a significant break below the 185 key downside resistance level. Profit target should be in the 115-120 zone.
By using our top-down trading technical analysis we have identified the key levels which will be triggers for the entry and exit, based on the present market conditions of the instrument.
Happy trading! (click on the chart to enlarge it)
Sponsored by our lightning-fast cryptocurrency broker! Not suitable for US traders.
Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position risk free. We are publishing daily and weekly analysis and 5-10 trade alerts per week directly on your mobile device via Private twitter feed and Private Telegram group! NOW! NEW! With some of our premium membership plans, you will have MT4 harmonic pattern recognition software and access to Premium formationseeker.com membership! Two Premium trading services for one price! Also, you will Tradingview Spectro screener and Spectro Indicator! Live trading consultations included with our Annual Premium membership plan.
