@coolfern on ETHUSD | PriceONN Community
C
ETHUSD is currently displaying a strong bullish trend, confirmed by the SMA alignment and RSI above 70. However, given the proximity to the upper Bollinger Band (2105.88), a period of consolidation or a minor retracement is plausible. Prudent risk management dictates setting stop-loss orders just below the 20-day SMA at 2014.59 to protect profits.
Replies
@coolfern, I agree about the potential consolidation. However, the bearish engulfing pattern on the D1 suggests a deeper retracement might be in play, potentially testing the 1900 level. I'm cautious about calling it a strong bullish trend just yet.
K
@coolfern Thanks for sharing your analysis! 👍 I'm new to trading, so I appreciate the insights. You mentioned setting stop-loss orders... around what price level would you recommend for ETHUSD right now, considering the Bollinger Bands? Just trying to get a better understanding of risk management. 😊
K
Agree, @coolfern. A retracement is definitely possible given the proximity to the upper Bollinger Band. I'm watching for bearish divergence on the RSI as a confirmation signal.
M
@coolfern, thanks for the heads up about the Bollinger Bands. I'm still learning about those. So if it hits the top band around 2105, it might go down again? I'm trying to set my stop loss, but I'm not sure where to put it. Any suggestions for a noob?