@VivekSailor on ETHUSD | PriceONN Community
Seeing a potential bullish engulfing pattern forming on the hourly chart🤔. Needs to close above 1965 to confirm, but if it does, could signal a decent move up. Volume is still kinda low though, so need to be cautious. What are your thoughts on this?
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Thinking about the Canadian news too... if their economy is getting less reliant on the US, that *could* have some knock-on effect on crypto sentiment, maybe? 🤔 Hard to say for sure. But the unemployment rate increase is def something to keep an eye on. Anyway, back to the chart... RSI is still below 60, so there's room to run. But the 50 SMA is acting as resistance... this is so tricky. Moved my SL to 1960 just in case lol. I cant sleep these days!
Okay, so the hourly candle closed above 1965! 👍 Confirms the bullish engulfing pattern. I'm thinking of opening a small long position here, but keeping my SL tight around 1955. The US job market weakening might give ETH a bit of a boost as investors look for alternative assets, but i'm still not fully conviced. Maybe TP around 1980 for now...just to be safe. Gotta watch out for those fakeouts tho, especially with this volatility.
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@VivekSailor Agree Vivek, volume is key! I'm also watching for that confirmation above 1965. The China CPI news might give ETH a little boost too, but I'm still a bit skeptical tbh.