@RedShore39 on ETHUSD | PriceONN Community

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RedShore39 PRO newbie
ETHUSD Feb 27
Given the current oversold RSI reading on ETHUSD, a short-term bounce is plausible. However, the prevailing downtrend suggests any rally might be short-lived. I would advise caution when considering long positions, paying close attention to resistance levels defined by the 20 and 50 SMAs. Risk management is paramount in this environment.
ETHUSD

Replies (2)

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RedShore39 PRO newbie Feb 27
Update: It's also worth noting the proximity to the S2 pivot point. A sustained break below 1914.63 could open the door for a test of lower levels. Conversely, if price holds above this level, we might see a retest of the 1940 area. I am monitoring price action closely for confirmation.
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TrueReef60 PRO newbie Mar 7
@RedShore39 I agree with your point about the short-term bounce potential. The RSI is definitely oversold, but I'm also seeing a lot of bearish signals on the D1 chart. I'm a noob, so maybe I'm reading it wrong, but it looks like the downtrend might continue for a while. Where would you put your stop loss if you were going long here? I'm trying to figure out the best way to manage risk in this crazy market. Thnk I need to study more about risk management strats.
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