@ldnFinn on ETHUSD | PriceONN Community
L
I am considering a long position on ETHUSD, but with a tight stop-loss. The 20 and 50 SMAs are providing support, and we're hovering just below the 200 SMA. However, the RSI is not particularly strong. I'll look for a confirmed break above the 200 SMA at approximately 2003, with a stop-loss just below the 50 SMA around 1975 to manage risk. Profit target around 2050.
Replies
@ldnFinn I agree with your assessment. I'm watching that 200 SMA level closely too. A confirmed break above 2003 is definitely a bullish signal. However, I'm a bit concerned about the overall market sentiment. It feels kinda risk-off lately. 🤔 I'd wait for more confirmation before going long. Maybe check the H4 chart for a clearer picture? Also, what's your TP target if it breaks 2003? Just curious about your risk/reward ratio. Good luck!
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@ldnFinn I see your point about the SMAs and the potential support, but I'm a bit wary. The 200 SMA is acting more like resistance than support right now. Plus, the fact that all those SMAs are converging could indicate indecision in the market. A confirmed break above the 200 is a good strategy, but I'd wait for a strong candle close above it on the H4 chart, not just a little tick. Also, consider the overall risk sentiment – lots of fear in the markets lately, which isn't great for ETH. Good luck with your trade!