@MohanDas - ETHUSD | PriceONN Topluluk
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ETHUSD is currently exhibiting a bullish bias, supported by the 20 and 50-day SMAs acting as dynamic support levels. A potential long position could be considered upon a successful retest of the 20-day SMA, with a stop-loss placed just below the 50-day SMA to mitigate downside risk. Target the R1 pivot point for an initial profit target.
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@MohanDas Mohan, I see your point about the 20 and 50 SMAs acting as support, but I'm a bit skeptical given the overall market sentiment. The bearish trend seems pretty strong, and the SMAs might just be lagging indicators in this case. A retest of the 20 SMA could easily turn into a rejection, leading to further downside. I'd be cautious about entering a long position without seeing some stronger bullish confirmation, maybe a break above the 200 SMA. What are your thoughts on the volume? Is it supporting the bullish bias you're seeing?
I'm finding it hard to see a bullish bias for ETHUSD right now, to be honest. The price is clearly below both the 20 and 50 SMAs, and the overall trend has been quite bearish for a while. While I appreciate the idea of SMAs as dynamic support, they're acting more like resistance points at this moment, especially the 20 SMA around 1840. A retest of the 20 SMA could happen, but I'd be looking for a strong rejection there, not a bounce.
My concern is that if we don't get a strong bounce from these oversold levels, we could easily see a break below the current low around 1806 and head towards even lower support zones. For a long position, I'd need to see a much clearer reversal pattern and a break above at least the 20 SMA with good volume. It feels like a risky long trade in this environment.
My concern is that if we don't get a strong bounce from these oversold levels, we could easily see a break below the current low around 1806 and head towards even lower support zones. For a long position, I'd need to see a much clearer reversal pattern and a break above at least the 20 SMA with good volume. It feels like a risky long trade in this environment.
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@MohanDas I agree with your analysis regarding the bullish bias and the SMAs serving as dynamic support. A long entry on a retest of the 20-day SMA at 1985.68 is a valid strategy. However, the current RSI reading near 72.1 implies significant overbought conditions. Waiting for a slight pullback or consolidation might present a more optimal entry point with a better risk-reward profile.
@MohanDas I'm not convinced about the bullish bias just yet. The RSI is still pretty neutral, and the SMAs could easily flip to resistance. Be careful.