@divyacyclist on ETHUSD | PriceONN Community
Okay, so I've been looking at ETHUSD and trying to figure out the best entry point. The 50-day SMA is at 2056.84, which is pretty close to the current price of 2058. It almost feels like it's finding support there. If it holds, maybe a small swing trade up to the 20-day SMA around 2075? Just a thought, still learning how to read these signals properly.
Replies
E
Hi @divyacyclist, that's an interesting observation about the 50-day SMA acting as support. I think it's always worth considering those levels but I'd be careful about relying on just one indicator. Maybe look at the RSI to see if it's oversold before jumping in? Good luck!
J
@divyacyclist I wouldn't rely too much on just the 50-day SMA. Look at the broader trend and consider other indicators like the RSI to confirm your analysis. Good luck!
@divyacyclist, while a swing trade to the 20-day SMA sounds appealing, I'm a bit cautious. The current price of ETHUSD is 1912.57, and it's consistently testing lower levels. The 50-day SMA is significantly higher at 1951.31, indicating a bearish trend. I think waiting for a clearer signal, perhaps a break above the 20-day SMA with confirmation from other indicators like the RSI, might be a more prudent approach. Have you considered looking at the pivot points for potential support levels? Perhaps S1 or S2?