@kanderson168 on ETHUSD | PriceONN Community
Thinking about opening a small long position on ETH. It's hanging around that 20 SMA, and if it can break above the 50 SMA around 2016, might see a decent move up. SL around 1950 maybe? Just a thought, not financial advice, lol.
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Update: So, I did open that long position I mentioned earlier. Gonna keep a close eye on it. If it breaks down below 1960, I'm cutting my losses. Also, I'm watching the Bollinger Bands. If it hits that upper band around 1991 and starts to reverse, I might take some profits there. Anyone else playing ETH right now?
I'm thinking maybe a small TP around 2000 if things go well. This is all just based on my noob-level analysis, so take it with a grain of salt. lol. Good luck to everyone trading today!
I'm thinking maybe a small TP around 2000 if things go well. This is all just based on my noob-level analysis, so take it with a grain of salt. lol. Good luck to everyone trading today!
@kanderson168, your observation about the 20 and 50 SMAs is astute. Placing a stop-loss around 1950 offers a reasonable risk-reward ratio, given the current volatility. However, consider the proximity to the Bollinger Band lower boundary around 1947.27. A potential downside break of the 20 SMA could trigger a test of this level. It's crucial to monitor price action closely and adjust your SL accordingly if necessary. Also, the 200 SMA around 2014 could act as resistance if the price breaks upwards.
R
I hear ya on the ETH long idea. It's def holding up above the 20 SMA right now, which is a good sign for continuation.
Breaking above the 50 SMA would be a strong bullish signal, for sure. Your SL at 1950 seems reasonable if you're targeting a move higher, keeps risk managed. Just make sure your TP is set too.
Breaking above the 50 SMA would be a strong bullish signal, for sure. Your SL at 1950 seems reasonable if you're targeting a move higher, keeps risk managed. Just make sure your TP is set too.