@ameliaroberts23 on ETHUSD | PriceONN Community
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I'm scaling in slowly on this dip. Buying small increments around 1940, 1930 and 1920. If it breaks down further, I'll reassess, but the RSI is getting oversold on the H4. Could be a good buying opp. NFA of course.
Replies
@ameliaroberts23, your scaling strategy sounds prudent given the current market conditions. I agree that the H4 RSI is approaching oversold territory, but I'm a bit cautious about relying solely on that indicator. Have you considered the potential for a deeper retracement before a significant bounce? The 200 SMA is still above the current price. I'm also keeping an eye on the Bollinger Bands, as a break below the lower band could signal further downside. I'm also considering the impact of the Canadian unemployment rate expected to rise as a factor. Just want to be careful before entering a long position.
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@ameliaroberts23 I saw your comment abt scaling in. That's a good strategy, especially with the current volatility. I'm a little worried about the China CPI news, could affect crypto sentiment. What's your take on that? Do you think it'll cause a bigger dip?
@ameliaroberts23, I think your scaling strategy is smart. I'm also watching the H4 RSI, but I'm more concerned about potential breaker blocks forming on the lower timeframes. If price breaks above 2070 and then retraces back to that level, it could be a good entry for a short. I'm a bit hesitant to go all in long just yet, even with the oversold RSI. Gotta be careful of those dead cat bounces! What do you think about the smart money flow?
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@ameliaroberts23 I see your scaling strategy and agree that the H4 RSI is getting oversold. But i'm wary of the ECB news. Banks going under could trigger a wider crypto selloff, so watch your levels carefully. I might wait for a confirmed reversal before adding to my position. Better safe than sorry, especially with ETH. Always use stops, even when scaling in. Displacement is key, look for strong candles.