@william8659 on ETHUSD | PriceONN Community
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Anyone else trading ETH based on the 200 SMA? I'm seeing it act as resistance around 2000. It's juuust above the current price, so wondering if people are waiting for a clear break above before going long. Or are you guys thinking it'll reject and head back down? Keen to hear your thoughts!
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Update: Just noticed the Bollinger Bands are pretty tight too, adding to the possible breakout scenario. Might wait for a confirmation candle before committing either way. Thinking a small position with a tight SL is the way to go, just in case it's a fakeout. What does everyone else think of the risk?
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Interesting point @william8659 about the 200 SMA acting as resistance. 🤔 I agree, a clear break above is needed for a sustained bullish move. I'm also looking at the RSI; it needs to push above 50 to confirm any upward momentum. Otherwise, a rejection seems likely. 🐻
Hi @william8659, that's a good point about the 200 SMA acting as resistance. I'm also watching that level closely. As a newbie, I'm always a bit nervous about breakouts. It could go either way, couldn't it? A false break above would be painful. I'm wondering if waiting for confirmation with another indicator, like volume, might be a safer approach. Or maybe waiting for a retest of the SMA from above? What do you think?