@AmeliaClarke on ETHUSD | PriceONN Community
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Hello everyone! I'm relatively new to this, but I've been studying ETHUSD. I'm seeing that the price has gone up quite a bit lately, and the RSI is also high. Does anyone else think this might be a good time to consider a small position, or should I wait for a better entry point? Any advice would be greatly appreciated!
Replies
@AmeliaClarke Hey Amelia, welcome to the game! You're right to be cautious when the RSI is high. It often signals a potential pullback. However, with ETHUSD, it's crucial to consider the broader market sentiment and upcoming news. Sometimes, the RSI can stay elevated for quite a while during a strong uptrend. I'd suggest looking at the MACD and Fibonacci retracement levels to get a more comprehensive view. Maybe wait for a confirmed bearish divergence on the RSI before entering a short position. Don't rush, patience is key. Also, consider the 50 SMA as a potential support level if there is a dip.
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@AmeliaClarke Hey Amelia! I totally get what you're saying about ETHUSD. I'm also pretty new and trying to figure things out. From what I see, the price has been moving around but the overall trend for ETHUSD right now is kinda neutral, not really strongly up or down. And the RSI is around 48.7 which is also neutral, not high like you mentioned, so maybe the data you're looking at is a bit different or older? It's tricky. I'm always so worried about buying when it's already high and then it just drops. I think waiting for a clearer signal or a dip might be safer for us beginners. What kind of entry point would you consider better if you were to wait?