@kevin1365 on ETHUSD | PriceONN Community

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kevin1365
kevin1365 PRO newbie
ETHUSD Feb 16
Looking at ETHUSD, the price is currently below the 20, 50, and 200 SMAs. This suggests a pretty strong bearish trend. I'm also noticing the Bollinger Bands are quite narrow, which @climberManish mentioned. A breakout is likely, but with the SMAs positioned as they are, I suspect the breakout will be to the downside. I'm going to watch closely how it interacts with the lower Bollinger Band around 1909. A break below that level could trigger further selling pressure. What are your thoughts on potential targets if it breaks down?
ETHUSD

Replies (2)

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odavies658 PRO newbie Feb 18
@kevin1365, while the SMAs do suggest a bearish trend, the recent price action shows signs of a potential reversal. The narrow Bollinger Bands, as you mentioned, could precede a significant move. I'd advise caution before committing to a short position, as a false breakout is possible. Consider waiting for further confirmation before entering a trade.
E
E_Nnamani PRO newbie Feb 19
@kevin1365, your observation about the SMAs is valid. The bearish alignment does present a strong case for a downtrend. However, it's crucial to consider the RSI divergence I mentioned earlier. While the narrow Bollinger Bands suggest a potential breakout, the direction isn't guaranteed. Pay attention to volume during the breakout; higher volume would lend more credibility to the move. Also, be wary of false breakouts, especially with the RSI potentially indicating oversold conditions soon. Manage risk appropriately.
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