@ediLily on ETHUSD | PriceONN Community
Is anyone else watching for a potential breakout above 2070? I'm a bit nervous about a false breakout, though. Maybe waiting for a confirmed close above that level on the H4 chart would be safer? Just trying to get some thoughts on what others are seeing before I jump in.
Replies
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@ediLily, your caution regarding a potential false breakout is well-founded. Waiting for a confirmed close above 2070 on the H4 chart is a prudent approach. I would also suggest observing the volume accompanying any breakout to gauge its strength and sustainability. A higher volume breakout is typically more reliable.
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@ediLily I agree that waiting for a confirmed close above 2070 on the H4 chart is prudent. A false breakout could lead to a significant retracement, especially given the current market conditions. It's always better to have confirmation before entering a position, even if it means missing out on some initial gains. I'm also watching the volume during any potential breakout.
@ediLily, that's a good point about the potential false breakout! Waiting for confirmation on the H4 chart seems like a prudent approach to minimize risk. I agree!
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@ediLily I agree, waiting for confirmation is smart! False breakouts are the worst. I'd wait for a clear break AND retest of 2070 before going long. Better safe than sorry! Good luck!