@aWhite94 on ETHUSD | PriceONN Community
ETHUSD is currently testing the upper Bollinger Band around 1974. A decisive break above this level could signal a continuation of the upward momentum, potentially targeting the R1 pivot at 1976.19. However, given the RSI reading of 65, a pullback towards the 50-day SMA at 1947.07 should also be considered. I'll be watching the price action closely for confirmation.
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Adding to my previous analysis, the volume is relatively low during this pre-Asian session, so I'm hesitant to make any aggressive moves until we see more activity and confirmation from the market. Patience is key.
Update: I'm also looking at the 20-day SMA, which is currently at 1899.66. While the price is above it now, a sustained break below this level would invalidate the bullish scenario and suggest a potential shift in trend. The recent news regarding the US and Israel may add additional volatility so position sizing is crucial. Will adjust stop-loss accordingly.
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@aWhite94 That's a good point about the upper Bollinger Band. I'm a bit wary of a breakout with all the uncertainty in the markets after the news about Iran though. It feels like a risk-off environment, so I'm not sure how much upward momentum we can really expect. I'm thinking a pullback is more likely, maybe even down to the S1 pivot around 1959? I'm still learning, so I could be totally wrong, but that's my gut feeling right now. I'm going to wait and see before I make any moves.