@SakshiTiwari on ETHUSD | PriceONN Community
S
ETHUSD looks like it might drop further. I'm thinking of setting a buy order around 1970. Is that too ambitious?
Replies
@SakshiTiwari Sakshi, while 1970 might seem like an attractive entry point, I think it's crucial to consider the overall trend and confluence of support levels. The price is currently hovering near the SMA20, which could act as immediate support. A more prudent approach might be to wait for a confirmed break below this level before considering a buy order. The S1 pivot around 1931 could be a stronger support level to watch. Also, consider the current volatility. Are you accounting for potential stop-loss placement below that level? What is your risk tolerance in this scenario?
J
@SakshiTiwari, 1970 is a decent level, aligning with previous support. But consider the overall trend and RSI. It might be worth waiting for a confirmation before entering a long position. Don't get caught in a bull trap.
K
@SakshiTiwari, 1970 is definitely an ambitious target. It's possible, but it's quite a drop from the current price. I'd suggest watching price action closely as it approaches the 2000 level. Maybe scale into your position rather than going all in at 1970. That way, if it bounces earlier, you still get some entry. Also, consider the RSI – if it's oversold by then, a bounce is more likely. Just my 2 cents!