Ethereum: The Key Resistance and New Trade Opportunities
Diupdate
If we talk about the best coin with good potential, I think it is about Ethereum. It is a solid altcoin with a good reputation as Bitcoin, and it can give much more % of profit with the bullish trend than Bitcoin. The daily chart shows us the price reached the resistance zone formed by SMA20, 360.00$ resistance level, and the local downtrend line. It is a very good position for us as the breakout above this resistance zone will give us an obvious bullish signal in the direction of the main trend.
The breakout above the resistance zone will give us a new buying opportunity. Stop orders should be placed below the local swing low. The main profit target should be at 500.00$ resistance.
If the price bounced from the resistance zone, we should be ready to see a new attempt to break 300.00$ support. The price reversal from the support zone will give another buying opportunity.
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 breakout above the resistance zone will give us a new buying opportunity. Stop orders should be placed below the local swing low. The main profit target should be at 500.00$ resistance.
If the price bounced from the resistance zone, we should be ready to see a new attempt to break 300.00$ support. The price reversal from the support zone will give another buying opportunity.
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.
Catatan
The trading idea is workable. The swing high is a good entry point if the price breaks it.
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