@freyawalker79 on ETHUSD | PriceONN Community
ETHUSD's current trajectory suggests a potential short squeeze, exacerbated by the RSI's overbought condition. Given the proximity to R1 at 2057.78, a tactical entry point for short positions could be considered, targeting a reversion towards the 20 SMA. Risk management is paramount, with a tight stop-loss above R2.
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Update: Monitoring order book depth around 2060. Significant sell-side liquidity appearing; confirms bearish divergence.
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@freyawalker79 Interesting point about the short squeeze and R1! 👍 I'm still pretty new to this, but I'm trying to understand your reasoning. So, you're saying the overbought RSI + proximity to R1 at 2054.79 makes it a good short entry? What kind of stop loss would you recommend in that scenario? 🤔 I'm trying to learn more about risk management, and it seems like a crucial part of trading. Also, what timeframe are you looking at for this analysis? Thanks for sharing! 🙏
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@freyawalker79 Interesting perspective on the short squeeze potential. I'm a bit wary of shorting with the RSI still showing some strength, but your target at the 20 SMA is definitely something to consider.