Ethereum broke below 2500 ... WHAT NEXT?
ETH is approaching our long-term red trendline acting as non-horizontal support.
Moreover, the area 1950-2000 is a "Resistance turned into Support".
So the highlighted purple circle with the blue arrow is a very strong area to look for buy setups as it is the intersection of support in green and lower red trendline.
As per my trading style:
I will be waiting for it to approach the highlighted purple circle (area) to look for possible buy setups (like a double bottom, trendline break , and so on...)
Unless ETH breaks below the 2000 zone downward with a big daily candle, then the support would become resistance again.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
ETH is approaching our long-term red trendline acting as non-horizontal support.
Moreover, the area 1950-2000 is a "Resistance turned into Support".
So the highlighted purple circle with the blue arrow is a very strong area to look for buy setups as it is the intersection of support in green and lower red trendline.
As per my trading style:
I will be waiting for it to approach the highlighted purple circle (area) to look for possible buy setups (like a double bottom, trendline break , and so on...)
Unless ETH breaks below the 2000 zone downward with a big daily candle, then the support would become resistance again.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal