Looking at the H4 chart, the current overall bias for ETHUSD is bearish. To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market. Overnight, the price has continued it's bearish momentum downwards.. If the bearish momentum continues, expect price to possibly head towards the 1st support line at 1220.00, where the 0% Fibonaaci line is located.
Trading Recommendation
Entry: 1339.55
Reason for Entry: 61.8% Fibonacci line
Take Profit: 1220.00
Reason for Take Profit: 0% Fibonacci line and previous low are located there.
Stop Loss: 1384.41
Reason for Stop Loss:
Slightly above the 23.6% Fibonacci line and where the 100% Fibonacci line are located
