BROKEN SUPPORT LEVEL - Swing trading for ETHUSD

THE TRIGGER:
Ethereum has broken below the strong support at $450. It can now slide and move towards the next support level at ~$358.

Trading Set Up: Not trading the correction back up but looking to take short positions once the price recovers a little.

Obviously the 200EMA is showing an overall downtrend since the start of May so we look to only short to avoid trading against the market.
The time frame that we are looking at is the 4h candle. (For medium term trades - 1-2 weeks position)
Current Price is at $433 which is kind of in the middle of nowhere so we aim to get in the short position only when
-The price traces back to the 50EMA (~$470) or the white resistance area at 490.
The take profit level will be at the next support area @ around 390-400 or the bottom of the channel at 350,
with the stop loss at around 525, just above the channel and at the 200EMA

(Giving us a risk reward ratio of about 2.5 to 1)

And of course, this trade is based on the bearish outlook of the crypto market and by taking this trade you need to know that you are betting that the market will not have a strong bounce back up within the next 2 weeks.
(Just putting things into perspective)
Let me know what you think :)

Fun Fact: The Sacramento Kings are now mining ethereum. You can find more info if you click on the link below.
finance.yahoo.com/news/sacramento-kings-know-blockchain-going-revolutionize-world-212334874.html