ETHUSD Daily S/R| .618 Fibonacci| Price Action| Trend

23 Jun 2021

Evening Traders,

Today’s analysis – ETHUSD- trading towards a key resistance level after a swing failure, a rejection is probable,

Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
(.618 Fibonacci Confluence)
- Low Volume

ETHUSD’s immediate price action is trading towards a key level, being the Daily S/R that is in confluence with the .618 Fibonacci.

A bearish retest is probable at the trade location, allowing for a bearish bias.

The current volume profile is below average, an influx will be probable when testing key trade locations.

Overall, in my opinion, ETHUSD is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work!

And remember,

‘’No one strategy is correct all the time’’.- John Paulson