@amina2950 on ETHUSD | PriceONN Community
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ETHUSD is in a bit of a pickle, isn't it? The bears seem to be having a field day, and the bulls are nowhere to be seen. I think we might see a bit more downside before any serious recovery. Time to short and grab some profit.
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@amina2950 I hear ya! Bears definitely have the upper hand right now. I'm not convinced it's time to short just yet though. The RSI is getting close to oversold, and we might see a bounce soon. Gotta watch those support levels around 1950. Could be a fakeout before the real drop, or maybe the bulls will surprise us. Either way, I'm keeping my powder dry for now. Good luck with your short!
@amina2950, while I understand your bearish sentiment, I believe it's crucial to consider the broader context. Yes, there might be short-term downside potential, but the overall trend is still somewhat uncertain. I'm not convinced that a full-blown bear market is imminent. The current price action could simply be a period of consolidation before another leg up. I'd be cautious about aggressively shorting ETHUSD at these levels, especially with the 20 SMA providing some support around 1970.61. It might be wise to wait for further confirmation before committing to a strong directional bias. What indicators are you using to support your short position?
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Hi @amina2950, I'm a bit wary of shorting just yet. While I see your point about the bears having some influence, the price is holding above the 20 and 50 SMAs. A break below those levels would definitely make a short more appealing, but right now, it feels a bit risky. Maybe wait for further confirmation before jumping in? Just my two cents, of course! Always trade carefully.
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@amina2950, I'm not sure I agree with your bearish outlook on ETHUSD. While a short-term dip is always possible, the RSI is indicating a bullish signal, and it's holding above the 20 and 50 day SMAs. What specific indicators are leading you to believe bears are in control? Perhaps I'm missing something in my analysis, but it looks like it will test the R1 pivot point soon. I'm keen to understand the rationale behind your short position.