Ethereum: Bulls Are Strong! How to Trade?
The price has been moving upward from 1700$ with short-term pullbacks. In spite of the overbought situation, which is confirmed by RSI, the bulls control everything and they don't want to stop. But how long they will be able to keep the momentum? It is obvious that one day, the upward movement will have to be corrected. Where will be the local swing high?
If we look at the past, there were several upward movements that could add 143% and 124% to the coin's value. And we didn't see corrections. This time the price increased by 88% and it means that the market keeps the space for the upward movement.
From my point, the bull has the nearest target at 3500$. It is the round number level that will act as resistance. I would like to expect a correction from this resistance first of all.
If not, and the bull will try to repeat 124% and 143%, we will see 3800$ and even 4000$. Do you think it is possible? Share your thought in the comments below this post.
How to trade?
It is obvious that buying right now will be a stupid idea. We don't chase a train. We have to wait for the situation when the price will be corrected and ready for a new impulse wave in the direction of the main trend.
I would plan to buy from 2900$-3000$ and 2400$ if the price reaches these support levels during the correction movement. For opening long positions from these support levels will be good to use reversal and false breakout signals in the daily and hourly time frames. This plan will be workable for swing and long-term traders.
I don't hold enough long positions of this coin and I would like to add more volume. But I can't do it right now. I have to wait for the correction and bullish setups from the support. And what about your trading plan for this coin? Share in the comments, let's discuss!
Please, don't forget to support my work by the LIKE if you think this post is helpful for you. Also, don't forget to do your own research and follow YOUR plan but FOMO.
If we look at the past, there were several upward movements that could add 143% and 124% to the coin's value. And we didn't see corrections. This time the price increased by 88% and it means that the market keeps the space for the upward movement.
From my point, the bull has the nearest target at 3500$. It is the round number level that will act as resistance. I would like to expect a correction from this resistance first of all.
If not, and the bull will try to repeat 124% and 143%, we will see 3800$ and even 4000$. Do you think it is possible? Share your thought in the comments below this post.
How to trade?
It is obvious that buying right now will be a stupid idea. We don't chase a train. We have to wait for the situation when the price will be corrected and ready for a new impulse wave in the direction of the main trend.
I would plan to buy from 2900$-3000$ and 2400$ if the price reaches these support levels during the correction movement. For opening long positions from these support levels will be good to use reversal and false breakout signals in the daily and hourly time frames. This plan will be workable for swing and long-term traders.
I don't hold enough long positions of this coin and I would like to add more volume. But I can't do it right now. I have to wait for the correction and bullish setups from the support. And what about your trading plan for this coin? Share in the comments, let's discuss!
Please, don't forget to support my work by the LIKE if you think this post is helpful for you. Also, don't forget to do your own research and follow YOUR plan but FOMO.
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