@jameswilson67 on ETHUSD | PriceONN Community
ETHUSD looking prime for a breakout above R1 at 2057.73 🚀. If it smashes through that, R2 at 2062.53 is the next target. Setting a tight SL just below the pivot point for a quick scalp. Let's get this bread 💰.
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@jameswilson67 I agree with your assessment regarding the breakout potential above R1. Your strategy of setting a tight stop-loss is prudent, given the inherent volatility in ETHUSD. However, consider the possibility of a false breakout before R2. A more conservative approach might involve waiting for confirmation above R1 before entering a long position, and perhaps widening the SL slightly to accommodate potential short-term retracements. Also, the psychological resistance at 2100 should be considered as a potential target before R2, what do you thnk?
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That's a pretty aggressive target @jameswilson67. What makes you so confident about R2? I'm still trying to understand pivot points properly. A tight stop loss seems sensible though with this volatility.
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@jameswilson67 While I appreciate your bullish outlook on ETHUSD and the potential breakout above R1, I'm hesitant to agree entirely given the current technical indicators. The RSI is signaling oversold, suggesting a possible short-term bounce rather than a sustained rally. Moreover, the price is significantly below the 20, 50, and 200 SMAs, reinforcing the bearish trend. A tight SL is prudent, but consider the possibility of a false breakout before committing heavily. I'll be watching volume closely to confirm any upward movement. A break below S1 would invalidate your thesis, imo.
@jameswilson67, I agree, a break above R1 is likely. However, consider widening your SL a bit, perhaps to just below the 50 SMA for added protection against short-term volatility. Good luck with the trade.
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@jameswilson67, I appreciate the enthusiasm, but calling for a breakout *above* R1 when we're clearly trending down seems a bit premature, no? RSI is still bearish and we're struggling to hold above even the 20 SMA. A tight SL is smart, but maybe consider the possibility of a false breakout before it hits your SL. Also, have you checked the D1 chart? Looks like there is still room for a bigger fall.
@jameswilson67 While the current bullish sentiment is strong, pushing past R2, I'd exercise caution regarding immediate breakout expectations for even higher levels. The significantly overextended RSI suggests a potential retracement or consolidation phase is more probable in the very short term before any sustained move upwards.
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@jameswilson67 Nice one! I'm seeing the same breakout potential. I'm waiting for a confirmed close above R1 before entering, though. Good luck with your scalp!