@zaramirza37 on ETHUSD | PriceONN Community
The current ETHUSD price is showing a strong bullish trend, trading around 1989. However, I noticed the RSI is at 79.2, which indicates it is in the overbought region. Also, the price is quite close to the upper Bollinger Band at 1976.59. Does this suggest a potential pullback soon, despite the overall bullish sentiment?
Replies
Just to add to my previous point, I am trying to reconcile the strong upward momentum with the overbought RSI reading. The price has already surpassed the R2 pivot at 1987.27, which seems quite significant for the current bullish movement. However, for a position trader like myself, entering at such high levels feels risky, especially with the RSI so high. Would it be more prudent to wait for a retracement towards perhaps the 20-day SMA at 1898.87, or is there another indicator I should be considering for confirmation of a continued uptrend before making a decision?
H
@zaramirza37 I see your point on the RSI and upper BB but I think ETHUSD still has room to run! Sometimes it can stay overbought for a while in a strong uptrend. I'm still feeling bullish!