Ethereum: Watch for Price Action at 530$ Support
The price bounced from the resistance zone and moved back to the previous swing low level. We have the support zone formed by SMA200 and 530$ and the price action at this zone will be able to give us additional signals.
If the price bounces from the support zone, we will have a bullish setup. I'm not sure that the price will move upward after that, but we can try to catch a possible upward movement using half of the standard position size. Stop orders for long trades must be placed below the support zone and the local swing low.
If the price breaks SMA200, it will be a trend reversal signal from the 4H timeframe. The price will be able to reach 500$ support and provide us new buying opportunities. I would like to start buying using this support.
The breakout below 500$ will open the road toward 400$, but it will be another story.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price bounces from the support zone, we will have a bullish setup. I'm not sure that the price will move upward after that, but we can try to catch a possible upward movement using half of the standard position size. Stop orders for long trades must be placed below the support zone and the local swing low.
If the price breaks SMA200, it will be a trend reversal signal from the 4H timeframe. The price will be able to reach 500$ support and provide us new buying opportunities. I would like to start buying using this support.
The breakout below 500$ will open the road toward 400$, but it will be another story.
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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