Ethereum: Key Zones for Buying
The price bounced from 368.50$ support. If the price can stay above SMA200, we will be able to search for buying opportunities based on the price reversals. Now, we can use one of such opportunities and open a long position with stop orders below SMA200 and the profit target at 400.00$ resistance. As a variant, we can wait for a breakout above the local downtrend line. It will give an additional bullish signal in the direction of the main uptrend.
Another buying opportunity will be provided from the daily uptrend line. If the price drops below SMA but bounces from the uptrend line, it will be possible to buy with stop orders below the local swing low and the same profit target at the resistance.
The breakout below the support zone formed by the uptrend line and 355.00$ support level will give a solid bearish signal. The bullish structure will be broken and we will be able to see a downward movement toward 300.00$ support.
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.
Another buying opportunity will be provided from the daily uptrend line. If the price drops below SMA but bounces from the uptrend line, it will be possible to buy with stop orders below the local swing low and the same profit target at the resistance.
The breakout below the support zone formed by the uptrend line and 355.00$ support level will give a solid bearish signal. The bullish structure will be broken and we will be able to see a downward movement toward 300.00$ support.
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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