@vivekmenon71 on ETHUSD | PriceONN Community
The current bearish trend for ETHUSD is quite concerning. I am observing the price around 1825 and the RSI is showing oversold conditions at 28.8. Does this necessarily indicate a potential bounce is imminent, or could the downward movement continue further? I am trying to understand the most prudent way to interpret these conflicting signals.
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Following up on my previous comment, I am particularly unsure about the significance of the 1808 Bollinger Band lower level. Given the price is already quite close to it, should we expect to see some support forming around this point?
My primary objective is to protect my initial capital and diversify assets, and these sharp drops make me quite hesitant to enter any positions, even if the asset appears oversold on the RSI. I am also looking at the SMA levels; the 20-SMA at 1868.88 seems quite a distance from the current price. Any insights on how to best approach this situation without taking excessive risks would be greatly appreciated.
My primary objective is to protect my initial capital and diversify assets, and these sharp drops make me quite hesitant to enter any positions, even if the asset appears oversold on the RSI. I am also looking at the SMA levels; the 20-SMA at 1868.88 seems quite a distance from the current price. Any insights on how to best approach this situation without taking excessive risks would be greatly appreciated.