Ethereum: The Price Reversal and New Buy Signal
Updated
Here is another trade opportunity that is based on the price reversal from the support zone. If we look at the 1H chart, we will see how the price bounced from 370.00USD level. RSI and MACD confirmed the price reversal. DMI is bearish, but ADX line is moving down. It is a signal that the sellers are not so strong right now. It gives us a good buy signal. We could use the breakout above the local downtrend line for opening long positions.
Here is an example of a long trade:
Buy above 390.00USD
Stop below 368.80USD
Profit Target at 448.50USD.
Risk per trade should be no more than 5% of the trading capital. Use a trailing stop.
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.
Here is an example of a long trade:
Buy above 390.00USD
Stop below 368.80USD
Profit Target at 448.50USD.
Risk per trade should be no more than 5% of the trading capital. Use a trailing stop.
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.
Note
The idea is workable. The breakout below 360USD and staying below a new resistance will change the whole situation. We will search for new trade opportunities.
Disclaimer
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