Ethereum: Workable Trading Plan with 5000$ - 10 000$ Targets
In the daily chart, the price broke the upper line of an ascending price channel. It gave a strong bullish signal in the direction of the main bullish trend. The breakout confirmed the strength of buyers. They could update the ATH and push the price to new highs.
MACD is supporting the further upward movement. In spite of reaching the overbought zone, RSI is supporting the upward movement as well.
We can expect that the price will reach 3500$ and probably 4000$ without a deep correction. Those who bought Ethereum using the simplest bullish setups from 2000$ and MAs, have all reasons to keep holding their long positions. As an option, it makes sense to start fixing profit step by step. But I would recommend not to follow my ideas but follow YOUR trading plan for this market.
But what to do if you didn't buy Ethereum from the points where the market gave such trade opportunities?
It is a great mistake to chase the price. There is only one way that can allow buying a very small part of the coin. It is the way when you start to invest money in Ethreum, and you are going to buy the coin each money using different prices. You are going to hold Ethereum for years, and for you, 3000$ or 2000$ don't make a big difference.
For day, swing, and even long-term trading, we have to wait for a pullback in order to open long positions.
I would like to say that the perfect entry levels will be from the upper line of the price channel as well as from MAs. We will need to wait for reversal setups in the daily and hourly timeframes and open long positions after that. For the long term trading, round numbers between 5000$ and 10 000$ will be good profit targets. But of course, you have to take into consideration a bearish model. It will help you to manage your risk and capital in a better way.
P.S. And what do you think about a new ATH? Will the price reach 10 000$ or it is impossible? Share your trading plan for this market in the comments. I will be grateful if you support my work by pressing the LIKE button. Thank you!
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.
MACD is supporting the further upward movement. In spite of reaching the overbought zone, RSI is supporting the upward movement as well.
We can expect that the price will reach 3500$ and probably 4000$ without a deep correction. Those who bought Ethereum using the simplest bullish setups from 2000$ and MAs, have all reasons to keep holding their long positions. As an option, it makes sense to start fixing profit step by step. But I would recommend not to follow my ideas but follow YOUR trading plan for this market.
But what to do if you didn't buy Ethereum from the points where the market gave such trade opportunities?
It is a great mistake to chase the price. There is only one way that can allow buying a very small part of the coin. It is the way when you start to invest money in Ethreum, and you are going to buy the coin each money using different prices. You are going to hold Ethereum for years, and for you, 3000$ or 2000$ don't make a big difference.
For day, swing, and even long-term trading, we have to wait for a pullback in order to open long positions.
I would like to say that the perfect entry levels will be from the upper line of the price channel as well as from MAs. We will need to wait for reversal setups in the daily and hourly timeframes and open long positions after that. For the long term trading, round numbers between 5000$ and 10 000$ will be good profit targets. But of course, you have to take into consideration a bearish model. It will help you to manage your risk and capital in a better way.
P.S. And what do you think about a new ATH? Will the price reach 10 000$ or it is impossible? Share your trading plan for this market in the comments. I will be grateful if you support my work by pressing the LIKE button. Thank you!
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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