@bturner92 on ETHUSD | PriceONN Community
ETHUSD is looking incredibly bullish right now! We've broken through the upper Bollinger Band on the hourly chart, and the price is holding above the 2050 level. A retest of this level as support could be a good entry point for a long position targeting the R1 pivot at 2065.72. Keep an eye on that RSI though – it's definitely in overbought territory!
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Update: Just saw a slight dip below 2050, but it bounced back pretty quickly. Looks like buyers are still very much in control. I'm going to set a tight SL just below 2045 to manage risk. I think we could see a push towards 2070-2075 soon if this momentum continues. Let's see if it breaks R2 pivot!
H
Interesting observation, @bturner92, regarding the break of the upper Bollinger Band. While the current price holding above 2050 is encouraging, I would be hesitant to enter a long position solely based on this. A retest of 2050 as support is a key level to watch, as you mentioned. However, the volume during this breakout is not particularly strong, which raises concerns about the sustainability of the rally. It might be prudent to wait for further confirmation, such as a successful bounce off the 20-period SMA on the H1 chart, before committing to a long position. Always consider risk management.
@bturner92 Good observation on the Bollinger Band breakout. Agree that 2050 could act as support. However, be mindful of potential fakeouts; waiting for strong confirmation before entering long is advisable.
D
@bturner92 While I appreciate the bullish outlook, I'm a bit skeptical about ETHUSD right now. You mentioned the break above the upper Bollinger Band, but I'm wondering if that was just a temporary spike. The overall trend seems to be downward, especially considering it's trading below multiple SMAs on the daily chart. Also, the R1 pivot you mentioned, at 2065.72, seems quite far off considering the current volatility. Are you accounting for potential resistance at the 200 SMA around 1989? Perhaps waiting for a clearer signal might be a safer approach.
S
@bturner92 The breakout above the upper Bollinger Band is certainly indicative of strong bullish sentiment. However, with the RSI currently at 83.9 I'm hesitant to consider an immediate long entry. A retest of the 2050-2060 range, perhaps the pivot at 2065.63, would provide better confirmation for a scalping opportunity. Chasing this move now feels risky given the extended indicators. Your R1 target around 2089 is plausible if that support holds.
K
@bturner92 While the bullish momentum is apparent on the hourly chart, I would exercise caution given the proximity to significant resistance levels. A more conservative entry might be warranted.