@NoahMorgan on ETHUSD | PriceONN Community
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Watching this ETHUSD price action closely, but I'm wary of that bullish engulfing pattern @wGreen4 mentioned. The RSI is sitting in neutral territory, and we're bumping up against the Bollinger upper band around 2351. Could be a bull trap setup. We've seen these before where price spikes then reverses sharply, especially with the Sydney session winding down and NY still active. I'm not convinced this move has solid legs without more conviction from volume.
Also, given the uncertainty around the upcoming FOMC meeting, I'd be cautious about chasing longs right now. A false breakout here could lead to a quick retest of the S1 pivot at 2309, or even the S2 at 2300.
Also, given the uncertainty around the upcoming FOMC meeting, I'd be cautious about chasing longs right now. A false breakout here could lead to a quick retest of the S1 pivot at 2309, or even the S2 at 2300.
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@NoahMorgan I agree, that bullish engulfing could be a trap. The RSI is definitely not confirming strength, and being near the upper Bollinger band is a warning sign for me.
@NoahMorgan I see your point about the bullish engulfing potentially being a trap, especially with the RSI not confirming strength. This whole Gemini lawsuit news today is also making me a bit nervous, feels like it could cause wider crypto panic. I'm watching the price action around that 2123 pivot level. If we break below that convincingly, I'd be looking to exit any long I might have had. The 200 SMA is also quite a bit higher, so there's a lot of room for ETHUSD to drop if the bears take over completely. I'm not FOMOing in on anything right now, just observing carefully.