@achopra888 on ETHUSD | PriceONN Community
My analysis indicates that ETHUSD is currently trading in a potentially overbought zone based on the RSI. Although the price is above the 20-day SMA, suggesting continued bullish momentum, a pullback towards the pivot point at 2084.48 seems likely. I am considering a short-term short position if we see a clear rejection at the R1 resistance level of 2096.14. However, I will need to see confirmation with bearish candlestick patterns on the H4 chart before initiating any trade. Risk management is crucial in such volatile conditions.
Replies
@achopra888 A short position around the pivot? Risky move with the recent upward momentum, even with the RSI. Be careful and set a tight SL! ⚠️
Overbought, eh? 🤔 I'm still learning this stuff. Is the RSI really reliable on its own, @achopra888? I'm not sure I understand how to use RSI properly, tbh.