Ethereum climbs past $1700 but can it continue
Updated
The H4 imbalance (white shaded box) was filled and the structure of ETH on the 4-hour remained bearish. The OBV saw a bounce but did not trend upward.
The Fibonacci retracement levels plotted for the move down to $1630 last week showed that the $1716 and $1740 are important resistances.
Entry: $1716
Stop-loss: $1753 (a move above $1740 and $1750 will signal bullish intent and a bullish MSB)
Take-profit: $1597 (the 23.6% extension level, although a drop below $1600 could eventually see $1500 retested in the coming weeks)
R:R- 3.45
The Fibonacci retracement levels plotted for the move down to $1630 last week showed that the $1716 and $1740 are important resistances.
Entry: $1716
Stop-loss: $1753 (a move above $1740 and $1750 will signal bullish intent and a bullish MSB)
Take-profit: $1597 (the 23.6% extension level, although a drop below $1600 could eventually see $1500 retested in the coming weeks)
R:R- 3.45
Note
idea invalidated but the bias remained bearish. a move up to $1800 to grab liquidity over the weekend can not be ruled out
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