Ethereum: Market Review and How to Trade
Ethereum, what can we say about this market?
I think we have an interesting situation in the daily timeframe. The price tried to pass through the downtrend line, but buyers could not develop the breakout. We have a good chance to get the 2nd bearish candles with the close price below the downtrend line. The price can move even down toward SMA50, which will act as the support line. If the price can stay between SMA50 and the downtrend line, I think it will be a good bullish sign. The buyer will have a good basis for a new attempt to break the downtrend line and continue the upward movement. Also, we have a new high, which will be an act as a signal level. If buyers can push the price above 250USD, it will confirm their strength.
The alternative is a downward movement to the support zone formed by 215USD and SMA100. The price action in this zone will be able to give us good opportunities for swing and long term trades.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
I think we have an interesting situation in the daily timeframe. The price tried to pass through the downtrend line, but buyers could not develop the breakout. We have a good chance to get the 2nd bearish candles with the close price below the downtrend line. The price can move even down toward SMA50, which will act as the support line. If the price can stay between SMA50 and the downtrend line, I think it will be a good bullish sign. The buyer will have a good basis for a new attempt to break the downtrend line and continue the upward movement. Also, we have a new high, which will be an act as a signal level. If buyers can push the price above 250USD, it will confirm their strength.
The alternative is a downward movement to the support zone formed by 215USD and SMA100. The price action in this zone will be able to give us good opportunities for swing and long term trades.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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