High Probability Entry on ETH/USD Based on Psychological Levels

In this technical analysis I will continue my previous idea based on psychological support and resistance trading.

After many successful confirmations of the $380 and the $400 level, I suggest another trade set-up with good risk reward.

In this case, we can use a LONG position after a confirmation the $380 level. If this level gets confirmed again as support, we can try to safely trade towards the $400 level.

For the stop loss I would place it slightly below where the previous wicks have brought us whenever the price went below $380, so probably around $375.

For the take profit, it's best to place it slightly below a psychological resistance, so say $399.

All of this combined gives you a nice risk-reward set-up with a high probability entry. Enjoy!

See my previous idea for a longer and more in-depth explanation on how these psychological support and resistance levels work. It got featured by Tradingview as the top analysis for the week:

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

Comment:

What a great success once again! That one wick might have stopped you out, but I hope you survived that. Overall the price behavior did seem reasonably predictable using psychological levels.

In my next idea I will continue this concept: