@arjunchowdhury98 on ETHUSD | PriceONN Community
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ETHUSD looks like it's setting up for a potential bull trap here. Price dipped below that S2 pivot around 1930, but I'm not seeing the follow-through. Could be a lot of trapped shorts if it bounces hard. Going to bed now, but will keep an eye on this in the morning... hope I don't wake up to a surprise.
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@arjunchowdhury98 I disagree with the bull trap idea. We've seen so many fakeouts lately. The Canadian news didn't help things either, but ETH is resilient. I think the dip below 1930 was just inducement to grab liquidity before a bigger move up. I'm expecting a strong displacement candle soon to confirm the uptrend. I'm golong on ETHUSD for now, and will keep adding to my position on dips. Let's see what happens overnight.
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@arjunchowdhury98 I think you might be right about the bull trap. That dip below S2 could have induced a lot of shorts. But I'm also seeing some strong buying pressure at these levels, especially with the 200 SMA so close. The China CPI news might give it a lil boost too. If ETH can hold above 2000, those shorts are gonna get rekt. I'm waiting for a clear breakout before entering long, though. Don't wanna get caught in a fakeout. Maybe a small position at 2010 with a tight stop loss?