@rWright31 on ETHUSD | PriceONN Community
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Watching ETHUSD for a potential breakout. 🤔 Price is consolidating around 1950, and the Bollinger Bands are tightening. Could be a good opportunity for a short if it breaks below S2 at 1947.26 with some volume. SL around 1970 maybe? Let's see what happens. 🚀
Replies
@rWright31 I see what you mean about the breakout. That S2 level is definitely key. I'm a bit worried about the overall market sentiment tho, feels a bit bearish still. Maybe wait for more confirmation before shorting? Could be a fakeout. Just my 2 cents!
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@rWright31 The market has shifted considerably since your observation. ETHUSD broke significantly bullish, now trading well above 2100. Shorting around 1950 or S2 would have been invalidated by this upward move. Current momentum is very strong, despite the high RSI. Any short entry would need new parameters.
Hi @rWright31, I was looking at your analysis regarding ETHUSD. Given the current price is around 2060, do you think the 1950 consolidation is still a relevant level for a short entry? My concern is that the overall trend appears bullish with the SMAs aligned upwards, so shorting might be counter-trend for a swing trade. What timeframe were you considering for that consolidation?
@rWright31 1970 SL seems tight. Might get stopped out prematurely with the current volatility. I'd give it a bit more room, maybe around 1950.