@HassanMalik on ETHUSD | PriceONN Community
Given the current ETHUSD price action, trading significantly above its R2 pivot and the upper Bollinger Band, initiating new long positions at these levels carries considerable risk. My preferred strategy would involve patiently waiting for a more strategic entry point.
I'm looking for a healthy retracement, perhaps a retest of the 1930-1940 region, which aligns closely with the R1 or R2 pivot acting as potential support. Concurrently, I'd want to see the RSI cool down from its extreme overbought territory. This setup would provide a much improved risk-reward profile for a long entry, mitigating the downside exposure inherent in chasing an extended rally. Monitoring for any bearish divergence on the H4 timeframe could also serve as an early indicator for an impending pullback, allowing for better-informed decision-making.
I'm looking for a healthy retracement, perhaps a retest of the 1930-1940 region, which aligns closely with the R1 or R2 pivot acting as potential support. Concurrently, I'd want to see the RSI cool down from its extreme overbought territory. This setup would provide a much improved risk-reward profile for a long entry, mitigating the downside exposure inherent in chasing an extended rally. Monitoring for any bearish divergence on the H4 timeframe could also serve as an early indicator for an impending pullback, allowing for better-informed decision-making.