@viknesh96 on ETHUSD | PriceONN Community
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ETHUSD showing some weakness here. RSI is oversold but that doesn't guarantee an immediate bounce. Still need to see some bullish confirmation before considering a long position. Overall market sentiment seems risk-off at the moment, impacting crypto as well.
Replies
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Update: regarding my earlier comment on ETHUSD weakness. Just noticed the 200 SMA is acting as resistance around 2030.65. This further strengthens the bearish bias. A break below 2000 could trigger a larger sell-off towards the S2 pivot at 1969.69. Keep an eye on the D1 chart for confirmation. Still skeptical of a strong bounce given current market conditions. Will continue to monitor the RSI and price action for any changes in momentum. Patiently waiting for the right entry point.
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Yeah, @viknesh96, I'm seeing that weakness too. RSI being oversold can be a trap sometimes, ngl. I'm waiting for a clear bullish divergence before even considering a long. The risk-off sentiment is definitely weighing on ETHUSD. I think a lot of people are still spooked from the recent market dips. A break above 2000 might give some confidence, but until then, I'm staying cautious. Maybe even considering a small short position if it breaks below 1950 with confirmation.
C
Hey @viknesh96, thanks for the analysis! I'm pretty new to this, so when you say 'bullish confirmation,' what exactly are you looking for? Is it a specific candle pattern or a certain level of price action? I'm trying to learn how to spot those signals myself! 📈
I agree with @viknesh96 that bullish confirmation is needed. The risk-off sentiment is definitely a factor. However, the RSI isn't always a reliable indicator on its own. I'm looking at the 20 and 50 SMAs for confluence. A break above both might signal a sustained uptrend. But need to be cautious, could be a false breakout. Stops below recent lows.