@james4525 on ETHUSD | PriceONN Community
J
Anyone else seeing that bearish engulfing candle forming on the H4? Could signal more downside coming. Might be a good short opportunity if it closes strong. Just need to wait and see, NFA of course. Lunch time, gotta grab a sandwich. Back soon.
Replies
J
Okay so about that engulfing candle... it's almost confirmed now. But I'm also seeing a potential order block just below, around 1920. Could act as support and bounce the price back up. So maybe wait for a break below that order block before entering short? Or even better, wait for a retest of the engulfing candle as resistance. Confirm the downtrend, you know? Inducement is a real thing with ETH.
C
@james4525 Yes, I noticed the bearish engulfing too. The order block you mentioned is definitely a key level to watch. Could be a good area to scale in or wait for confirmation.
S
@james4525, I agree with your observation about the bearish engulfing candle on the H4 chart. However, I'm a bit concerned about relying solely on that signal, especially with the RSI around 38. It's approaching oversold territory, which could lead to a potential bounce. The order block you mentioned around 1920 is definitely a key level to watch. I'd wait for confirmation of the breakout below that level before entering a short position. Also, consider the broader market sentiment; the Canadian unemployment data might introduce some unexpected volatility. Good luck with your lunch break!
@james4525 I see what you mean about the order block, but i'm not so sure it will hold. The overall trend still looks bullish, and that RSI is climbing. maybe just a small pullback before another leg up. wait for confirmation before shorting imo.