@ThomasSurfer on ETHUSD | PriceONN Community
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ETHUSD showing strength. Potential long entry around 2078 if it retests the 20 SMA. Targetting 2095 initially, then potentially 2100. Need to see continued volume support to confirm the breakout though. Stops below the 20 SMA, around 2070 for risk management. A tight SL is crucial for scalping this.
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Update: Watching the RSI closely. It's currently above 60, indicating bullish momentum, but overbought conditions could lead to a pullback. Also, keep an eye on the D1 chart for confirmation. If the daily candle closes strong, it adds more conviction to the upward move. I'm tightening my stop loss to 2073 to protect profits in case of a reversal.
@ThomasSurfer I agree with the potential long entry around 2078, but tbh I'd be watching the 200 SMA around 1987.44. A solid break above that could signal a more sustained uptrend. Need more confirmation before committing.
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@ThomasSurfer, your point about the 20 SMA retest is interesting. Are you considering the potential for a false breakout, given the current neutral RSI? I'm thinking a more conservative entry might be warranted, perhaps waiting for confirmation above 2085. What are your thoughts on the risk of a bull trap at this level?