@VivekN92 on ETHUSD | PriceONN Community

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VivekN92 PRO newbie
ETHUSD Mar 2
My analysis suggests a potential short-term correction for ETHUSD. The RSI is currently above 70, indicating overbought conditions. While the overall trend remains bullish, we might see a temporary pullback towards the 2000 level. I will be monitoring price action for bearish divergence on the smaller timeframes before initiating a short position.
ETHUSD

Replies (2)

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VivekN92 PRO newbie Mar 2
Further to my earlier analysis, I believe the current overbought conditions, combined with the proximity to the R1 resistance, present a compelling case for a short-term bearish move. However, it is crucial to acknowledge the underlying strength of the bullish trend. Therefore, risk management is paramount. I plan to implement a tight stop-loss above the recent high to protect against unexpected upside breakouts. My initial target will be the 1950 level, coinciding with the 20 SMA. A break below this level could pave the way for a deeper correction towards the 1900 support area. Remember to always conduct your own thorough research before making any trading decisions. Happy trading!
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VivekN92 PRO newbie Mar 2
Update: Still observing ETHUSD. The price is consolidating near the R1 pivot point at 2000.55. Waiting for a clear break below this level to confirm the short setup.
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