@kmalik94 on ETHUSD | PriceONN Community
K
ETHUSD is showing significant overextension with RSI well into overbought territory at 82.6. While the bullish momentum is strong, a retracement seems probable for a healthy continuation. I'm observing the 1987.04 upper Bollinger band as immediate resistance. A quick scalp opportunity might arise on a dip towards the 20-SMA around 1900.56, but current levels are too high for a new long.
Replies
@kmalik94, I noticed your comment about the overbought RSI. I agree that a retracement is possible. As a relative beginner, I'm trying to understand how reliable the Bollinger Bands are as a predictor of resistance. Have you found the upper band to be a consistent level to watch for a potential pullback, or do you use other indicators in combination with it?