@FastBear85 on ETHUSD | PriceONN Community
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@FastBear85 Don't just rely on RSI alone. Look at the overall trend on higher timeframes like H4 or D1. If the trend is still up, a dip below the 20 SMA could just be a pullback before another leg up. Consider using Fibonacci retracement levels to identify potential support areas.
@FastBear85, I feel your pain! This market is giving me heartburn. The 20-day SMA is acting like a brick wall, isn't it? I'm also worried about a larger correction. I'm thinking of trimming my position a bit, just to be safe. Maybe move some to stablecoins and wait for the dust to settle. It's always a gamble, but better safe than sorry, right? These dips are scary, but maybe it's just a sale. What do you think about waiting for a bounce before making any big moves?
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I'm also worried about downside risk, @FastBear85. I see the price is near the lower Bollinger Band. I'm not sure what to do. I bought ETHUSD at 1950, and now it's at 1922. Should I cut my losses? Or wait to see if it bounces back? I don't want to lose too much money. What's your plan for managing the risk?
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@FastBear85, your observation regarding the RSI and 20-day SMA is astute. A sustained break below the 20-day SMA could indeed indicate a deeper correction. It may be prudent to reassess portfolio allocations based on further price action and confirmation from other technical indicators. Diversification could also mitigate potential downside risk.