Ethereum: 333USD Market Top and Possible Pullback
The price is forming a bearish candle. If buyers can't push the price above the local high, we should be ready to see a pullback. RSI is going to confirm the price reversal. MACD histogram will be able to provide us a bearish signal too. In spite of the strong bullish trend, the correction movement to the support levels and SMAs will be logical.
The 1st support zone is at 300USD. It can be a variant that this support can hold the market, and after a sideways movement, we will see a new upward wave. We can use reversal and breakout signals from 300USD for joining to the uptrend.
The better entry points will be at 250USD and SMA50. The price reversal from this zone will allow us to join the uptrend in the right time and at the right place. We will have a workable stop size and a good space for the upward movement.
The nearest profit targets for buyers should be 365USD and 500USD. If the market stays in the bullish trend, I think these targets will be reached.
For all long positions, don't forget to use the proper risk and money management strategies.
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 1st support zone is at 300USD. It can be a variant that this support can hold the market, and after a sideways movement, we will see a new upward wave. We can use reversal and breakout signals from 300USD for joining to the uptrend.
The better entry points will be at 250USD and SMA50. The price reversal from this zone will allow us to join the uptrend in the right time and at the right place. We will have a workable stop size and a good space for the upward movement.
The nearest profit targets for buyers should be 365USD and 500USD. If the market stays in the bullish trend, I think these targets will be reached.
For all long positions, don't forget to use the proper risk and money management strategies.
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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