Ethereum: Watch for Price Action at Support
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If you look at the 1H chart, you will see the support zone where the price action will be able to give trade opportunities and additional signals.
You can look at the past and see how the price moves at this support. Now, the price is moving sideways above the support.
If the price bounces from the support, we will be able to see an upward movement toward SMA200 and the previous local highs. Maybe it will be possible to use 5-15m charts and reversal signals for buying. But who knows exactly how far the price will move from the support. The market is in consolidation, and the price movements are more unpredictable.
If the price breaks the support, it will be a bearish signal. The market will show us its interest to move downward, and the main goal will be 500$ support. If the price reaches this support again, we will be able to get interesting signals for buying.
All trades must be used with stop orders and proper risk management. If you don't understand what I'm talking about, it is the right time to stop thinking about potential profit and focus on getting new knowledge.
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.
You can look at the past and see how the price moves at this support. Now, the price is moving sideways above the support.
If the price bounces from the support, we will be able to see an upward movement toward SMA200 and the previous local highs. Maybe it will be possible to use 5-15m charts and reversal signals for buying. But who knows exactly how far the price will move from the support. The market is in consolidation, and the price movements are more unpredictable.
If the price breaks the support, it will be a bearish signal. The market will show us its interest to move downward, and the main goal will be 500$ support. If the price reaches this support again, we will be able to get interesting signals for buying.
All trades must be used with stop orders and proper risk management. If you don't understand what I'm talking about, it is the right time to stop thinking about potential profit and focus on getting new knowledge.
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.
Note
We can see an attempt to break the support zone!Note
True or Fake Breakout? Any ideas?
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