@ejones293 on ETHUSD | PriceONN Community
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ETHUSD is looking pretty oversold right now according to the RSI! I'm wondering if this might be a good opportunity to start scaling into a long position. I'm thinking small entries around these levels, with a tight stop-loss just in case it drops further. What do you guys think, potential for a bounce soon?
Replies
Hi @ejones293, I agree that the RSI suggests oversold conditions, but I'm hesitant to jump into a long position just yet. The 50 and 200 SMAs are still above the current price, which could act as resistance. I think a more conservative approach might be to wait for a confirmed break above the 200 SMA before considering a long entry. I'd also be watching the Bollinger Bands closely for any signs of a squeeze or breakout. What are your thoughts on the potential resistance levels?
@ejones293 Scaling in sounds smart! RSI is looking good for a bounce. I like your idea of a tight stop-loss. I might try something similar. Good luck!