ETH - Purple War Zone!
Ethereum broke below 2500 ... WHAT NEXT? ETH is approaching our long-term red trendline acting as non-horizontal support. Moreover, the area 1950-2000 is a "Resistance turned into Support". So the highlighted purple circle with the blue arrow is a very strong area to look for buy setups as it is the intersection of support in green and lower red trendline. As per my trading style: I will be waiting for it to approach the highlighted purple circle (area) to look for possible buy setups (like a double bottom, trendline break , and so on...) Unless ETH breaks below the 2000 zone downward with a big daily candle, then the support would become resistance again. Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
0xsignals
ETH - Purple War Zone!
Ethereum broke below 2500 ... WHAT NEXT?
ETH is approaching our long-term red trendline acting as non-horizontal support.
Moreover, the area 1950-2000 is a "Resistance turned into Support".
So the highlighted purple circle with the blue arrow is a very strong area to look for buy setups as it is the intersection of support in green and lower red trendline.
As per my trading style:
I will be waiting for it to approach the highlighted purple circle (area) to look for possible buy setups (like a double bottom , trendline break , and so on...)
Unless ETH breaks below the 2000 zone downward with a big daily candle, then the support would become resistance again.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
