@AishaMohammed84 on ETHUSD | PriceONN Community
A
ETHUSD is currently oversold based on the RSI(14) at 27.5. However, the price is still below the 20, 50, and 200 SMAs, indicating a bearish trend. A potential short position could be considered if the price fails to break above the 20 SMA around 2030. A stop-loss above the 50 SMA might be a safe bet.
Replies
A
Update: I'm closely watching the S1 pivot point at 1924.39. If ETHUSD breaks below this level, we could see further downside towards S2 at 1909.02. The bearish trend seems to be gaining momentum, so caution is advised for any long positions. A potential bounce from the lower Bollinger Band could provide a short-term opportunity, but the overall trend still looks weak.
@AishaMohammed84, I agree with your analysis! 👍 The SMAs are definitely showing a downward trend. I'm a bit skeptical about a short position right now, though. The RSI is so low, there could be a slight pullback first. I'm thinking of waiting for a small bounce to around 2000 and then shorting it. What do you think about waiting for that bounce before entering? 🤔 It could offer a better entry point and reduce the risk a bit. Always good to be cautious! 🧐
G
@AishaMohammed84 I agree with your analysis! The SMAs definitely point to a bearish bias. But the RSI isn't super oversold, so maybe a bounce before another drop? I'm thinking of waiting for a clearer signal, maybe a break below 1960 before shorting. A stop loss above the 20 SMA sounds smart though! What do you think about the support around 1950?
A
@AishaMohammed84 Good points on the SMAs, Aisha! I agree that the 200 SMA is a key level to watch. However, I'm a bit cautious about shorting just based on that. The RSI isn't confirming oversold anymore, and we might see a small rally before any major move down. What do you think about waiting for a clearer bearish signal?