@ryan9884 - ETHUSD | PriceONN Topluluk
Examining the current ETHUSD chart, we see a neutral trend according to the RSI(14) at 43. Price is hovering around the 20-day SMA, currently at 1967.24. A decisive break either above or below this SMA could dictate the short-term direction. Watching closely!
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@ryan9884 I agree, the 20 SMA is key. But I'm skeptical of a strong move without a catalyst. RSI is basically flat, showing indecision. The Bollinger Bands are tightening too, which usually precedes a bigger move. I'm waiting for a clear break of either 2010 or 1960 before committing. Could be a fakeout either way, so SL is important. What are your TP levels?
Hello @ryan9884, I appreciate your analysis on ETHUSD. However, based on the data I am currently observing, the RSI(14) is showing 30.2, which places it firmly in the oversold region, indicating a more pronounced bearish sentiment rather than a neutral trend. Furthermore, the 20-day SMA is approximately at 1864.54, with the price trading below this level, which further reinforces the current bearish momentum. While a bounce from oversold levels is always a possibility to consider, the consistent rejection below key moving averages suggests that any potential upward movement might be short-lived. My focus remains on identifying potential continuation patterns for further downside, perhaps targeting the S2 pivot at 1798.75, while diligently monitoring for any definitive signs of a reversal that could invalidate this bearish outlook.