Looking at the H4 chart, the current overall bias for ETHUSD is bearish. However overnight, price has closed above the Ichimoku cloud which might indicate a short term bullish momentum. For the past 1 month, price has been consolidating between the 1st resistance at 1405.86 and 1st support at 1405.86. Expecting price to continue consolidating in this area with no clear signs of direction.
Trading Recommendation
Entry: 1345.17
Reason for Entry:
Buy stop entry above the 1344 level where the 0% Fibonacci line is after price bounced off 1267.20 where the 38.2% and 50% Fibonacci line are intersecting there
Take Profit: 1489.89
Reason for Take Profit:
Resistance where the 78.6% and 50% Fibonacci line are intersecting there
Stop Loss: 1190
Reason for Stop Loss:
Previous low and where the 0% Fibonacci and 100% Fibonacci line are.
