Based on the local swing highs and low of the 1H chart, we should draw a horizontal channel. The price reversed from the top border and moves downward. We can spot a strong support zone formed by the uptrend line and 216.00 support level. If the price bounces from this zone and RSI confirms price reversal, we'll have a buy signal. Stop orders must be placed below 216.00 level. Profit target should be at 228.00 level for short term trading, 240.00 and 260.00 resistance levels. If the market breaks the bottom border of the price channel, we'll see further downward movement to 200.00 support level. It will give us new trading opportunity. Also, we can place pending orders for buy above 230.00 for a case, if the market start strong upward movement and breaks the channel.
it's funny how price went around entry level circle
GotEth
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Pending order of $230 worked like a charm. Thank you sir for your insights.
Grandmaster_Nitemare
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Spike high @ 255 is under heavy attack! When we get past this the sky is open! But a double spike high is also possible! SL is in the profit zone! :-)
Grandmaster_Nitemare
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Thank you! Because of you I signed in here! Pending order @ 231 worked great! Hopefully now that Bitcoin made a impressive new ATH more people will rush to ETH and other Altcoins (ZCash is my top pick) ...
bilenyok
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@DLavrov at this price (239) do you advice buy more?
jcrnjak
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Does that mean that previous idea with entry at 226$ failed? As I understood, that had to be confirmation of upward trend.
DLavrov
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@jcrnjak, no, it's new entry levels. As for the previous trading idea, it's workable. I hold long trades for this market.