Ethereum Trading Plan

The price bounced from $1700 resistance. RSI confirmed the price reversal. MACD histogram supports the further downward movement.

But we don’t see strong sellers, and there are no active buyers too. The market is consolidating below the resistance and it gives us an opportunity to plan future trades.

Bullish Plan
A breakout above the resistance will create trade opportunities for buying. We may use trend following setups in the hourly timeframes. The logical target for an upward movement will be the daily 200MA and $2159 resistance.

Bearish Plan
Any reversals and false breakouts from $1700 resistance will create trade opportunities for shorting. The same goes for a breakout below the daily MAs and a counter trend line . The logical target for a downward movement will be $1280 and $1012.72 support levels. It will be possible to open short positions using bearish signals from the daily and hourly time frames.

And what do you think about the further market movement? Share your ideas in comments.