@lachlanscott87 on ETHUSD | PriceONN Community
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Looking at the daily chart, ETHUSD has broken above the 200-day SMA. This is a positive sign, but the RSI is flashing overbought. I'm expecting a potential pullback to the 2000 level before the next leg up. My strategy is to hold my core position and add on dips. The Bollinger Bands suggest volatility is increasing, so risk management is key. Watching for confirmation on the 4-hour chart before making any moves.
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@lachlanscott87 I agree that the overbought RSI is a concern. A pullback to the 2000 level seems plausible, especially if we don't see strong volume confirming the current move. I'm also considering holding my core position and adding on dips, but I'm being cautious given the RSI. What indicators are you using to confirm your entry points?
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@lachlanscott87, thank you for your analysis. I am also watching the 200-day SMA, but I am hesitant to add to my position given the current volatility. Do you have specific price targets in mind for adding on dips?
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I agree with @lachlanscott87 that a pullback is possible. That RSI is a little worrying. Perhaps waiting for confirmation before entering a long position would be prudent.
@lachlanscott87, I concur with your assessment of a potential pullback. The overbought RSI on the daily chart warrants caution. I'm also observing the Fibonacci retracement levels to identify potential support zones during any retracement. A deeper correction could see ETHUSD testing the 38.2% retracement level near 1980. Prudent risk management is key in this volatile environment.