@PilotVikram on ETHUSD | PriceONN Community
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Looking at ETHUSD, I'm seeing a potential long setup forming. Price is above the 20 and 50 SMAs, and RSI is still showing bullish momentum. I'm waiting for a slight dip towards the 2075-2080 area before entering a long position. Targeting 2120 initially, with a stop loss around 2060. Let's see if it plays out.
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Update: Just noticed the Bollinger Bands are widening slightly, which could indicate increased volatility and a potential breakout. I'm adjusting my TP to 2135 to capture more of the upside if the breakout occurs. Still keeping the SL at 2060 for now. Keeping a close eye on the volume too, need confirmation. This could be a good move.
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@PilotVikram, your analysis is interesting, but I'm hesitant to enter a long position given the overall bearish trend. While the price is above the 20 and 50 SMAs, it's still below the 200 SMA. Perhaps waiting for a more decisive break above the 200 SMA would offer a safer entry point. Risk management is key in this volatile market.
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@PilotVikram I'm not convinced about the long setup just yet. The overall trend still appears bearish. While the price is hovering above the SMAs, the RSI is neutral, not bullish. A dip might happen, but I'd be cautious about entering a long position without further confirmation. Maybe wait for a clear breakout above 1985?
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Vikram, your long setup looks interesting, but I'm a little concerned about the US and Israel news causing risk aversion. Are you factoring that into your analysis? A dip to 2075-2080 might not hold if the market turns sharply bearish. Just something to keep in mind before entering that position.
@PilotVikram I agree with your analysis. A dip towards 2075-2080 area looks like a good entry point for a long position. However, I would suggest tightening the stop loss a bit, maybe around 2065. The risk-reward ratio looks good. Let's see how it plays out.
@PilotVikram I'm not so sure about a long setup right now. Yeah, price was above the SMAs earlier, but it's dipped below them now and the RSI is showing bearish momentum. That 2075-2080 area you're looking at might act as resistance now, not support. I reckon we could see a further drop before any significant bounce. I'd be cautious about entering a long position there unless you see some strong confirmation. Maybe wait for a break above 2000 before considering a long?