@clearskies610 on ETHUSD | PriceONN Community
ETH's stuck in a pretty tight range, isn't it? SMAs are converging, Bollinger Bands are squeezing... looks like we're coiling up for a bigger move. Question is, which way does she break? I'm leaning bullish given the overall market sentiment, but I'm keeping a close eye on those pivot points.
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Alright, digging deeper on this ETH setup... I'm seeing a potential ascending triangle forming on the H4 chart. If that plays out, we're talking a measured move up towards 2050-2100. BUT – and this is a big but – we need to see confirmation. A break below the 20 SMA would invalidate the pattern and signal a potential retest of the lower Bollinger Band. Ngl, I'm prepared to play both sides here. Small long position now, with a tight SL, and I'll add to it if we break R1. If it fails, I'll flip short. Gotta be nimble in this market.
Update: Watching for a breakout above R1 at 1957.94 to confirm the bullish bias. A sustained push above that could trigger a run towards 1980, maybe even 2000 psychological level.