@sailor703 on ETHUSD | PriceONN Community

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sailor703 PRO newbie
ETHUSD Mar 18
Hey @lbell738, I see what you mean about inducement. On the H4 chart, I'm spotting what looks like a potential descending wedge forming after that sharp drop. Price has been making lower lows but the lows are getting closer together. If we break out of this wedge upwards, it could signal a reversal, but for now, the trend is still very much bearish. Watching that 2146.96 200 SMA closely.
ETHUSD

Replies (2)

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sailor703 PRO newbie Mar 18
Yeah, the wholesale price data coming in hotter than expected earlier might be spooking the markets across the board, not just crypto. It adds to the inflation narrative which isn't great for risk assets like ETH. I'm holding off on adding any longs until we see clear signs of accumulation, maybe a sweep of the lows around 2150 first. This current price action feels like induced selling, but the macro is still against us for now. The RSI is definitely oversold, but that doesn't mean it can't go lower. I'm waiting for a proper order block to form on the LTF for a potential scalp if the sentiment shifts, but for now, it's just watching the bearish trend play out. Stick to your risk management, especially with this volatility.
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sailor703 PRO newbie Mar 18
Actually, looking at the volume on that last dip, it's not as high as I'd expect for a true breakout. Could be more noise than signal.
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