ETHUSD Technical Analysis UPDATE @ $686 - Feb 5th 2018

Update to post: https://steemit.com/ethereum/@jagr/ethusd-technical-analysis-update-usd731-feb-5th-2018

Big sell-off occurred within the last few hours on ETH.

Good time to get in? Well, we need to watch for established support. I have charted a channel support line and threw a fib retracement on top of ETH/USD. These support lines are around $700 and $669, respectively. 700 has been broken, but $669 (the 61.8% fib retracement level) is holding so far. If support can be established here then I'm going to be looking to enter a position. See the first image (daily).

Also, look at the 4HR image (below image). Can you see the slight bullish divergence on the RSI? It is slightly higher, yet our ETH price action is much lower than the last low!

Watch this one closely!