Ethereum: 300USD Was Reached, What's Next?
Let's look at the daily chart of Ethereum. The price bounced from the support zone at 230USD, broke 250USD resistance, and made a strong upward movement to 320USD level. What's next?
The price is forming a reversal candlestick pattern. RSI reached the overbought zone, and it is going to provide a solid reversal signal. MACD and DMI confirm the strong bullish trend and the strength of buyers. But in spite of this bullish signals, I decided to fix a part of profit at 300USD as I have held long positions since 200-220USD. Now, I'm waiting for a pullback and new buying opportunities from the support zones and SMAs.
If the price drops below 300USD, we should expect a further downward movement toward SMA50. The price reversal from 250USD and SMA50 will give the perfect entry point from the daily chart.
Is it possible that the price bounces from the zone between 280-300USD and continues the upward movement? Of course, it is possible as crypto markets from time to time show weird movements against the logic. You can build your own trading plan how to trade in such a situation. Just be careful! Buying, when the market is overbought, it is not a good idea.
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.
The price is forming a reversal candlestick pattern. RSI reached the overbought zone, and it is going to provide a solid reversal signal. MACD and DMI confirm the strong bullish trend and the strength of buyers. But in spite of this bullish signals, I decided to fix a part of profit at 300USD as I have held long positions since 200-220USD. Now, I'm waiting for a pullback and new buying opportunities from the support zones and SMAs.
If the price drops below 300USD, we should expect a further downward movement toward SMA50. The price reversal from 250USD and SMA50 will give the perfect entry point from the daily chart.
Is it possible that the price bounces from the zone between 280-300USD and continues the upward movement? Of course, it is possible as crypto markets from time to time show weird movements against the logic. You can build your own trading plan how to trade in such a situation. Just be careful! Buying, when the market is overbought, it is not a good idea.
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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