Ethereum Reversal Levels

The market dropped to the uptrend line 1 and this line now is very important. We have to watch for price action near this line. If the market bounces from the uptrend line 1and moves up, it will be the 1st confirmation for possible trend reversal. The resistance level 200.00 and the downtrend line will be barriers for following upward movement. If the market can break them, we'll have the 2nd confirmation that the market is going to rise. And the 3d confirmation for the upward movement and the trend reversal there will be a breakout of the local swing high. If price moves above 227.00 level, we'll have long opportunity. Also, there is another variant which we must consider in our trading. If price breaks the uptrend line 1, probably we'll see downward movement to the uptrend line 2. This support line will be able to stop and reverse the market. But for confirmation trend reversal we'll need a new breakout of the downtrend line. Only after that we'll have to think about opening long trades. I also would like to remind you that trading on crypto exchanges allows making profit only in long trades. That's why in my posts I focus on long opportunities and entry levels for buying.

Yorum:

The market broke the uptrend line. Watch for price action near the uptrend line 2.