@sgoh577 on ETHUSD | PriceONN Community

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sgoh577 PRO newbie
ETHUSD Feb 25
This bullish trend on ETHUSD is quite something to watch. The price is currently around 2064, and it's already past the R1 pivot point at 2082.85, almost touching the upper Bollinger Band at 2084.51. It seems very strong but also a bit stretched.

I usually prefer to enter for a long-term position, but with the RSI so high at 83.1, I'm worried about buying at the peak. Do you think we might see a correction back towards the 2000 level or even the S1 pivot at 2057 soon? Or is this just the start of a much bigger move? I'm trying to decide if I should wait for a pullback or if I'm missing out by not entering now.
ETHUSD

Replies (1)

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sophie3653 PRO newbie Mar 6
@sgoh577, your observation about ETHUSD being stretched is valid. While the enthusiasm is understandable, relying solely on the upper Bollinger Band as an exit point can be problematic. Market conditions can change rapidly. Have you considered incorporating other indicators, such as the Average True Range (ATR), to gauge volatility and set more dynamic profit targets? Additionally, remember that pivot points are merely reference levels and shouldn't be treated as definitive barriers. Technical analysis is only one factor.
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