@mariasantos20 on ETHUSD | PriceONN Community
Okay, I'm going short on ETHUSD at 2080.5. Seeing RSI getting a bit overbought on the H4 chart, and the price is hitting the upper Bollinger Band. Targetting 2050 for now, with a stop loss at 2100. Let's see if this plays out, kinda nervous about shorting in this market tho lol.
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So, I'm thinking that even with the "Green Shoots in Crypto Market", we could see a pullback. The market is still pretty fragile, and any bad news could send ETH tumbling. I'm being extra cautious with my stop loss here, because I've been burned before trying to short a bull trend 😅. Plus, the rising wedge pattern that @ShwetaS28 mentioned in thread B is still valid, even if ETH is trying to ignore it. If that wedge breaks down, we could see a much bigger move to the downside. I'm not trying to catch a falling knife, but I think a small short position here is worth the risk, given the overbought conditions and potential for a reversal. Keeping my position size small, as always! Good luck to everyone trading today!
Oh, and just to add to that... I'm keeping an eye on the 200 SMA too. It's around 2015.58, so if this short works out, that's my secondary target. Might even close some of my position there to lock in profits. Still, the overall trend is bullish, so this is a risky play, I know.
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@mariasantos20 Shorting ETH with the 'Green Shoots' news out there is a bold move lol. Respect. I can see the RSI being a bit high, but I'm always scared of shorting into strength. That 200 SMA is a good target tho, I agree. Just be careful of a dead cat bounce! Maybe move your stop if it starts going your way? I'm still learning about risk management, but that's what I've read. Good luck with the trade, hope it works out for you. I'll be watching from the sidelines lol.