@michelle9653 on ETHUSD | PriceONN Community
ETHUSD is currently exhibiting bearish consolidation below the 20-day SMA. A decisive break below S1 at 1949 could trigger a cascade towards S2. I'm initiating a short position with a tight stop loss just above the 20-day SMA, targeting 1930 as the initial TP level. Risk management is paramount in this volatile environment.
Replies
M
@michelle9653 I totally agree with the bearish view on ETHUSD. The pressure is definitely on the downside. Your tight SL strategy is smart, especially with how quickly things can move. I'm seeing the price struggling around the 1820s right now. If it breaks below the 1815 support, things could get really ugly fast.
J
I agree, @michelle9653, a break below S1 could accelerate the move down. I'm also watching the D1 chart for confirmation of the bearish trend before committing further.
@michelle9653 Interesting analysis! I'm a beginner, so just trying to learn. What makes you think it will cascade down to S2? Is it just the break below S1?