Ethereum: Market Review and How to Trade
The price did not drop too much if we compare Ethereum with other altcoins. It makes this market overbought and not so interesting for buying right now.
If Bitcoin starts falling, this market will provide solid bearish signals. The price reached the resistance zone, where we will be able to see a double top. It is a trend reversal signal. RSI confirms the price reversal. MACD histogram supports the downward movement. DMI is bullish, but ADX line falls. It is a signal showing that buyers are not so strong.
So, if the price moves downward, the nearest support zone will be at 240.00 and the uptrend line. The price action in this zone will be able to provide interesting buy opportunities for different types of trading.
The breakout above the local swing high won't be so good for buying as the market will become more overbought. It will be better to skip this bullish signal and wait for a correction movement.
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 Bitcoin starts falling, this market will provide solid bearish signals. The price reached the resistance zone, where we will be able to see a double top. It is a trend reversal signal. RSI confirms the price reversal. MACD histogram supports the downward movement. DMI is bullish, but ADX line falls. It is a signal showing that buyers are not so strong.
So, if the price moves downward, the nearest support zone will be at 240.00 and the uptrend line. The price action in this zone will be able to provide interesting buy opportunities for different types of trading.
The breakout above the local swing high won't be so good for buying as the market will become more overbought. It will be better to skip this bullish signal and wait for a correction movement.
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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