02/04/2021
Currently, the opinion that ether can reach 8-10k in the long term.
The Token has strong fundamental factors and good potential for upward movement from TA. A statement with this point of view maybe wrong, who knows? But still we need to plan our trades, considering the bigger picture and exact signals from charts and indicators.
If we look at the daily chart of ether, what will we see?
First off, I would have to say that the price broke the downtrend line, which is also the upper line of a triangle formation.The price has consolidated in the borders of the triangle and the breakout gives us a strong bull signal in the direction of the main uptrend. Yes, it is a buying opportunity for long-term traders! What do we do next?
we also have to note that the price reached the resistance area formed by 2 previous swing highs. I'm referring to the ATH at 2000 and 1900 levels. If we get a reversal candlesticks pattern, we should be ready to see a pullback toward the broken downtrend line with a retest or a downward movement toward SMAs with 20 and 50 periods. The price action at these points will be good for buying as well. Only when, the chart gives us interesting bull setups.
My trading plan for this token
- I keep holding my long positions, which I opened between 1600$-1700$. I used bullish setups in the daily timeframes
- I fixed the part of profit at 1938 as the price can move downward
- If the price moves downward toward the key reversal points, I will wait for bullish setups and open new long positions
- If the price breaks the resistance and moves above 2048 I will open new long positions using the breakout signal
- My stop for all long positions is below SMA50 and 1700$
- My main profit target are 2500$ and 3000$
- The part of long positions will have long-term targets at 5000$ and 10 000$.
Disclaimer!
This is not provide financial advice. It is for educational purposes only! You can use the information to make your 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.
