EOSUSD: Trend Reversal and New Buy Signal
If we look at the 4H chart, we will see a local downtrend. The price dropped below the local uptrend line, SMA100, and SMA200. We have lower swing highs and lows.
The market gives us a trend reversal signal based on a bullish divergence.
If the price breaks the local downtrend line, it will give us a new buy opportunity. Stop orders for long trades should be placed below 3.70 support. The main profit target should be at 5.50 resistance. The part of the trade volume can be left for the long run.
RSI confirmed the price reversal, and now it is bullish. MACD lines and histogram support a further upward movement. DMI does not confirm the strength of sellers.
If Bitcoin does not drop, this buy signal will be able to become profitable. What do you think?
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 market gives us a trend reversal signal based on a bullish divergence.
If the price breaks the local downtrend line, it will give us a new buy opportunity. Stop orders for long trades should be placed below 3.70 support. The main profit target should be at 5.50 resistance. The part of the trade volume can be left for the long run.
RSI confirmed the price reversal, and now it is bullish. MACD lines and histogram support a further upward movement. DMI does not confirm the strength of sellers.
If Bitcoin does not drop, this buy signal will be able to become profitable. What do you think?
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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