The market falls and passes through the strong support level 200.00. We can see big sales! It's good for us, because new trading opportunities are coming. We must be ready to open new long trades but on much better levels. Let's look at the daily chart and spot possible reversal levels. You can see that price is near MA100 and this strong support line can stop and reverse the falling market. But don't forget that this price reversal must be confirmed by RSI and MACD reversals. Now MACD shows down movement. RSI is in the oversold zone but it falls too. DMI confirms strong down movement but for opening long trades we'll need falling ADX line. We have to wait for reversal signals from the chart and indicators. How to trade in the falling market? If you opened long trades on higher levels and used small volume, you can hold such positions in long term. The weekly chart is still bullish and the market has good potential for up movement in long term. If you bought big volume on higher levels, it's better to close a part of volume and open new long trades on lower levels after getting reversal signals. It just my variant of money management and my opinion. You can have different money management strategies. If the market breaks MA100, probably we'll see down movement to 150.00-140.00 levels. These levels also will be able to stop and reverse the market. The same goes about 100.00 support level. Be careful with long trades and don't buy using big volume.
So at the daily chart, adx is still increasing, which means the trend is not over yet, RSI still oversold declining and no divergence, MACD still decreasing. So that would mean the downtrend is not over yet even though 4h chart shows differently, right? I guess that's why Dlavrov said wait couple of days. Please correct me if I am wrong or missed something.
VishalTR
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could you please share your inputs again?
bilenyok
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@DLavrov Where we will go? Can you please publish new ta about eth? Thanks.
Kt08
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@DLavrov learning from your charts and several others and looking closely at all these indicators you mentioned here I opened short trade at 265$ and closed it at 200$. It worked out perfectly. It worked first time for me.Thanks sir.
bilenyok
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@DLavrov do you think we saw reversal signals or it's too early to say something? Thanks.
@DLavrov it seems as if there is kind of a support level at 190-94 usdt do you agree? Looking at the marketcap i wonder if it will grow further in this rebound or did i just miss the TP at 205 usdt:-)