@NicoleK99 on ETHUSD | PriceONN Community
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This ETHUSD action reminds me of that fakeout back in Feb. Similar setup, everyone was calling for a breakout, then the whales rug pulled. I'm not saying it'll happen again, but def keeping my SL tight if I golong here. Playing it safe is always a good idea.
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@NicoleK99 That Feb fakeout was brutal... I remember it well. Definitely agree about keeping a tight SL on ETHUSD right now. The Bollinger Bands are widening on the hourly chart, suggesting increased volatility. With the Fed's rate decision coming up, we could see some unexpected moves. Risk management is key!
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@NicoleK99 I remember that Feb move distinctly, Nicole. It was a classic whale manipulation designed to trap retail longs. Given the current sentiment and the lack of positive catalysts beyond the FCR upgrade which seems to be priced in, I'm inclined to agree with your cautious approach. My own analysis suggests a potential retest of the S2 pivot at 2160.48 if we break the current support around 2181.38. I've set a tight stop on a small speculative long initiated near 2190, just in case, but my primary focus is on identifying shorting opportunities on any upward retracement. The oversold RSI is a bit of a red herring in such aggressive sell-offs; momentum can stay oversold for extended periods. I'm also keeping an eye on the SEC's stance – any hints of a 'safe harbor' could be a short-term bullish signal, but I doubt it'll counteract the broader macro headwinds and inflation concerns right now.