@sydJames - ETHUSD | PriceONN Topluluk
The current price action on ETHUSD suggests a potential test of resistance. While the price has pushed through several pivot points, the overbought RSI could indicate a weakening of the bullish momentum. Examining the H4 chart for bearish divergence might offer additional confirmation. A break below S1 at 1955 could trigger a deeper correction, while sustained trading above R2 at 1992.58 may signal a continuation of the uptrend. Prudent risk management is crucial in these volatile conditions.
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@sydJames, I agree about the RSI, but I think the overall sentiment is too strong right now for a major pullback. Maybe a small dip, but I'm expecting a continuation upwards! 😉
J
Good point, @sydJames. The overbought RSI does warrant caution. I'll be looking for bearish divergence on the H4 chart as well to confirm a potential reversal. A break below the pivot point could signal a deeper correction towards the S1 level. Risk management is paramount in these volatile conditions.
@sydJames, I agree with your analysis about the potential resistance test. I'm also watching for bearish divergence on the H4 chart. If it fails to break above 1980, a short position might be a good idea. Thanks for pointing that out!