Ethereum: False Breakout and New Long Position

The previous long trade was closed by stop. It was based on the price reversal from the support zone. Those who think that in trading there must be only profitable trades, they should be disappointed by such price action. Those who understand that any profitable trading includes a lot of trades closed by stop order, they could open a new long position based on a false breakout.

Here is the possible long position which could be opened based on bullish signals from MACD, RSI, and the upside movement above the main uptrend line. How will the market develop the uptrend? Nobody knows exactly. But what we can say right now, the price can continue the upside movement in the borders of the price channel. We also got a new swing low, which will be the signal point in the future. If sellers can push the price below it, we will talk about the bearish market.



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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.

Comment:

Buyers can't push the market upside. It tells us about their strength. If sellers are active, we should be ready to see the breakout and a downside movement. The alternative will be the breakout from the price channel and sideways movement above 230USD.