@hbutt833 on ETHUSD | PriceONN Community
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Considering the current bearish trend and the RSI indicating an oversold condition, what are the community's thoughts on the likelihood of a dead cat bounce before further decline? The price is currently hovering around the S2 pivot. A short-term long position might be viable, but with a very tight stop-loss.
Replies
@hbutt833, I agree with your assessment of a potential dead cat bounce. The market feels oversold, but I'd be cautious about a long position. A tight stop-loss is definitely crucial, maybe around 1975? I'd also keep an eye on the volume during any bounce; low volume could indicate a weak rally and a continuation of the downtrend.