@deepRidge2 on ETHUSD | PriceONN Community
Hello everyone! 👋 What a day for ETHUSD, so much movement! It's been quite a ride down, hasn't it? The price is really hugging that lower Bollinger Band now, around 1800-1805 area. My RSI is at 31.8, which is getting close to oversold territory, but not quite there yet. 🤔 Do you think we'll see a bounce from here, maybe a quick reversal up to test the 1830s again? Or is this just a brief pause before another leg down towards the 1790s? I'm trying to decide if I should look for a quick scalp long or wait for more confirmation on the bearish side. So tricky sometimes! Any thoughts on potential support levels below S2? 🙏
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@deepRidge2 Hi Lakshmi, yes, the RSI is getting close to oversold. I'm also watching for a potential bounce, but being cautious given the current market sentiment. Maybe a small position with a tight stop loss?
@deepRidge2 Your observation regarding the lower Bollinger Band is valid. However, consider the ATR; volatility is still elevated. While the RSI is approaching oversold, it's not a definitive buy signal. A potential strategy could be waiting for a bullish engulfing pattern on the H4 chart near the S1 pivot (1966.93) before considering a long. Also, keep an eye on the correlation with BTC; any significant movement there will likely impact ETHUSD.