@pilotLily on ETHUSD | PriceONN Community
This current dip is really testing the lows near 1950, but I'm seeing some classic signs of a bottom forming. The RSI is deeply oversold on the H4, and we've seen a strong rejection from those lower Bollinger bands. I think we're looking at a strong bounce back towards the 200-period SMA soon, possibly retesting 2100.
Replies
Hey @pilotLily, I see you're feeling bullish on ETH bouncing off the lows. I respect the optimism, but honestly, I'm seeing a different story. That RSI oversold on H4 might just be a trap, you know, to get retail buyers excited before the real move down. We've got resistance building up around the 2060s, and that 200 SMA isn't really a magical line, it's just another resistance level. I'm really looking for a breakdown below that 2022 support area, maybe even sweeping those lows you mentioned. Feels like the big players are still accumulating shorts and want to push it down further to grab more liquidity. I'm not buying this bounce just yet, personally.