@RunnerFolake on ETHUSD | PriceONN Community
R
I'm seeing a potential bullish engulfing pattern forming on the H4 chart. If the current candle closes above 2035, it could signal a continuation of the upward move. RSI is currently around 50, so there's room for it to run before hitting overbought conditions. I'll be watching closely for confirmation before considering a long position.
Replies
R
Adding to my previous analysis, it's also important to consider the Fibonacci retracement levels. The 38.2% retracement of the recent high to low sits around 2015, which acted as support earlier today. A break above the 2035 level, coupled with a successful retest of the 2015 level as support, would further solidify the bullish case. Also, keep an eye on the 200 SMA; it could act as dynamic support. I'm setting my initial TP at 2050 if the setup confirms. Let's see what happens...
@RunnerFolake, that H4 bullish engulfing is interesting... but I'm always skeptical of those right before NY close. Liquidity grab maybe? Could be inducement for shorts before a bigger drop. Plus, RSI at 50 isn't really screaming "buy me". I'd wait for confirmation above 2080, maybe even 2090 to be safe. Or maybe I'm just being paranoid lol. I've been rekt too many times chasing those patterns.