Ethereum: Bearish Signal and How to Trade
Let's look at the daily chart of Ethereum .
The price couldn't break the local downtrend line and 400$ resistance. We got a false breakout. The bearish candle is telling us that we should be ready to see a downward movement. The nearest support zone is formed by the main uptrend line, SMA50, and 368.50$ support. We will have to watch for the price action at this zone.
If the price breaks this support, it will be a new bearish signal with the main target at SMA200 and 300$ support.
If the price reverses from the zone, it will give us a new buying signal.
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 couldn't break the local downtrend line and 400$ resistance. We got a false breakout. The bearish candle is telling us that we should be ready to see a downward movement. The nearest support zone is formed by the main uptrend line, SMA50, and 368.50$ support. We will have to watch for the price action at this zone.
If the price breaks this support, it will be a new bearish signal with the main target at SMA200 and 300$ support.
If the price reverses from the zone, it will give us a new buying signal.
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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