@elee867 on ETHUSD | PriceONN Community
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ETHUSD looking a bit overextended here, yeah? RSI on the daily is screaming overbought. I'm thinking a short-term pullback is likely before we see any further sustained upside. Could be a decent opportunity to fade the rally and scalp some profits on the way down. Thoughts?
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Update: Watching for a potential head and shoulders pattern forming on the hourly chart. If we see a break below the neckline around 2040, I'm going to initiate a short position with a tight stop loss above the right shoulder. Targetting 2020-2025 area. Let's see how it plays out.
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@elee867 Overextended is an understatement! RSI is practically begging for a pullback. I'm with you on the short-term fade, easy money!
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@elee867 I agree, a pullback seems likely! RSI is definitely hinting at overbought conditions. Might look for a short scalp opportunity.
I agree, @elee867. RSI is pretty high, and we're hitting some resistance around that 200 SMA on the daily. A pullback to 1900 area wouldn't surprise me at all. Good spot for a scalp.