Ethereum: Previous Swing High and Low - They Are the Key

I wrote about the trend reversal chart pattern in this market. You can read more details in the post from the related ideas.

The market gave us several trend reversal signals, and now I would like to offer you to look at the market using breakout signals above the important swing highs and lows.

What is a downtrend? It's a market movement when we have lower swing highs and lows. What is an uptrend? It is a market movement when we have higher swing highs and lows.

The market formed a new swing high, which is lower than the previous one. If the price makes a new swing low, we will get a signal confirming the local downtrend. The goals for sellers will be SMA100, SMA200, and the main uptrend line.

If the price bounces from the current levels and we don't get a new swing low, we should wait for a breakout above the previous swing high. If so, we will get a new swing high, which will be higher. It will give us a bullish signal with the main target at 180.00 level.

We don't know how the market will move within several days. But we can use the previous swing high/low and breakouts as additional signals confirming the further market movement.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own 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.