Ethereum: Possible Correction toward 500$ Support

Ethereum: Possible Correction toward 500$ Support

The price bounced from 563.65 level, and it is a new resistance for us. We should be ready to see a downward movement toward a support zone formed by SMA50, the uptrend line, and 500$ support level . The price action at this zone will be able to give us a new buying opportunity.

If the price breaks this support, the next target for the downward movement will be SMA200 and 446$ support.

How to trade?
We can search for bearish setups as close to the resistance zone as possible using the hourly timeframes.

We should wait for bullish setups at the supports. The reversal signals will allow us to join the uptrend.
Risk per trade must be no more than 5% of the capital.

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.

Published at Sun, 22 Nov 2020 13:36:15 +0000

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