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Thinking about a small long position on ETHUSD. 🤔 The price is above the 20 and 50 SMAs, which is generally a good sign, but I'm a bit concerned about the RSI being near 63. Is it too risky to enter now? Maybe wait for a slight dip? Any thoughts?
@miajackson, with the RSI currently at 20.4, it's definitely in oversold territory. However, the SMAs you mentioned are lagging indicators. I'd be cautious about entering a long position solely based on that. Consider waiting for confirmation of a trend reversal, perhaps a break above the 20 SMA with increasing volume. Good luck!
