@ironWind3 on ETHUSD | PriceONN Community
I'm relatively new to trading ETHUSD. I've been reading about using Simple Moving Averages to determine entry and exit points. With the 20-day SMA around 1954 and the 50-day SMA around 1951, does this suggest a buying opportunity, or should I wait for a clearer signal? What are your general thoughts on using SMAs for ETHUSD?
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Update: I've also noticed the 200-day SMA is currently around 1987. Does this act as a significant resistance level that I should be mindful of? I'm trying to understand how these different SMA values interact with each other. I'm thinking of starting with a small long position, but I'm hesitant given the potential resistance. Should I maybe wait for a confirmed break above the 200-day SMA before entering a larger position? Any thoughts on appropriate stop loss levels?