@SailorRahul on ETHUSD | PriceONN Community
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Hey everyone, I'm Rahul. New here and trying to figure out ETHUSD. I see the price is down today and the RSI is low, around 33. Is this a good time to look for a long position, or is it just a dead cat bounce before another drop? I'm also seeing the 200 SMA is a bit lower than the current price. What are you guys thinking for overnight?
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Hey @SailorRahul, welcome to the forum! Regarding your question about a long on ETHUSD with RSI around 33, I'd be cautious. While it looks oversold on some timeframes, the D1 trend is still bearish and we're seeing lower highs and lower lows. The 200 SMA is indeed above us, acting as resistance around 2174. I'm watching the Bollinger Band support at 2126 very closely. If that breaks convincingly, we could see a fast drop to the S1 pivot around 2113. Grace is right to watch the news, but technically, the path of least resistance is still down for now unless we can reclaim the 20 SMA around 2141. What are others seeing on the shorter timeframes?
Hey @SailorRahul, welcome to the circus! 😂 You're asking if RSI 33 is a buy signal on ETHUSD? Please. That's exactly what they want you to think. They push it down, make it look oversold, then *bam* – another leg lower to catch all the fresh meat. I'd be looking at the 200 SMA, which @ugochukwueze49 mentioned, it's still way above us. And don't forget that scam news about the crypto scammer from Hong Kong, that's always hanging around. They'll use any excuse to shake out retail. My advice? Wait for real confirmation, not just some indicator number. This market is rigged anyway. 😡
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Hey @SailorRahul, welcome! I get what you mean about the RSI looking low, but honestly, I'm not sure if that's enough to go long right now. The price seems to be bouncing around that 20 SMA and it's not really breaking through. I'm worried it might just dip lower before any real recovery.