Ethereum: Bearish Trend Is Possible, but When?
There are many indicators which traders can use, but probably one of the most interesting is Ichimoku indicator. It is very simple but at the same very powerful trend following indicator. If the price is above the cloud, we have a bullish market. If the price is below the cloud, we have a bearish market. Reversal and breakout signals at the lines give traders exact trade opportunities.
If we look at the daily chart of Ethereum, we will see the price at Senkou B and the downtrend line. We had an attempt to develop a downward movement after passing through the cloud, but the price bounced from 320.00$ support.
If the price bounces from the downtrend line and breaks the local swing low, we will get a strong bearish signal. The market will become bearish. We should be ready to see a downtrend toward 200.00$ support.
If the price breaks the downtrend line and moves above the cloud, the market will become bullish. We will be able to use the breakout signal for buying with the main profit target at 500.00$ resistance.
The sideways movement in the cloud will tell us about the range market conditions. It will be possible to search for trade opportunities using the hourly timeframes.
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 we look at the daily chart of Ethereum, we will see the price at Senkou B and the downtrend line. We had an attempt to develop a downward movement after passing through the cloud, but the price bounced from 320.00$ support.
If the price bounces from the downtrend line and breaks the local swing low, we will get a strong bearish signal. The market will become bearish. We should be ready to see a downtrend toward 200.00$ support.
If the price breaks the downtrend line and moves above the cloud, the market will become bullish. We will be able to use the breakout signal for buying with the main profit target at 500.00$ resistance.
The sideways movement in the cloud will tell us about the range market conditions. It will be possible to search for trade opportunities using the hourly timeframes.
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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