@GraceHall on ETHUSD | PriceONN Community
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Watching ETHUSD rn and it's looking super choppy, almost like a textbook bear trap is forming around these 2210 levels. The RSI is screaming oversold, but price action isn't confirming any real buying pressure yet. Could be a nasty fakeout for longs if we don't see some serious volume come in soon. Keep an eye out for liquidity grabs below S2!
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@GraceHall Yeah, I'm seeing the same thing. That RSI is screaming oversold, but the volume confirmation is just not there. It feels like a bull trap waiting to happen if we don't get some serious buyers stepping in soon. I've seen these fakeouts before, they're brutal. NFA, of course, but I'm staying away from longs right now.
@GraceHall I agree, it does look quite choppy around 2210. The lack of volume confirming that RSI oversold signal is definitely a red flag for any potential long setups.
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@GraceHall You're spot on about the lack of volume confirming that RSI divergence around 2210. It's that classic 'bear trap' setup if you ask me. Smart money often tries to sweep the lows before a real move. I'd be very cautious about any longs until we see a clear break above the 200 SMA on the hourly, which is sitting around 2183 right now, and even then, I'd want to see volume confirming the move. This choppy action is not for the faint of heart.