@lhill982 on ETHUSD | PriceONN Community
L
The RSI on the H4 is pushing 75, clearly overbought territory. However, price action has consistently respected the 20-period SMA, which is currently sitting around 2116. I'm seeing divergence on the MACD but the overall trend remains bullish according to the 50 and 200 SMAs. It's a bit of a mixed bag right now, making it difficult to ascertain immediate direction.
Replies
L
Looking back at the hourly chart, the Bollinger Bands are widening significantly, suggesting increased volatility. Price has just pushed through the upper band, which could signal a strong move or a potential reversal if momentum falters. Given the overbought RSI and the resistance around the R2 pivot point at 2157.3, I'm inclined to be cautious. I'll be watching to see if it can consolidate above 2150 or if we get a pullback towards the 20 SMA.
Hey @lhill982, I'm new to this but your RSI comment makes sense. It feels really overbought to me too. I'm just hoping my position at 2120 doesn't drop too much overnight.