@ava4834 on ETHUSD | PriceONN Community
A
I'm seeing ETHUSD struggling around the 2000 mark. The 200 SMA is acting like a pretty strong resistance point, hovering around 2001. It's interesting how the 20 and 50 SMAs are still pretty close, indicating bullish momentum but I'm not entirely convinced it'll last. The Bollinger Bands are tightening, which usually precedes a breakout, but which way will it go? Need to keep an eye on the volume, that'll be the deciding factor imo. I'm personally leaning towards a short position if it fails to break 2005 convincingly.
Replies
D
@ava4834 hey ava! i totally get what you mean about ETHUSD struggling at the 200 SMA. it feels like such a strong barrier. when you said the bollinger bands are tightening, does that usually mean a big move is coming up? im still trying to figure out what that means lol
I agree @ava4834, that 200 SMA around 2000 seems like a key level. If it breaks through that, it could be a good sign. Otherwise, it might keep falling.
R
@ava4834 I'm seeing the same resistance around 2000. Those SMAs are tricky, aren't they? I'm still learning how to read them properly, but your analysis makes sense. I agree, not sure if the bullish momentum will last either.
C
Morning @ava4834, I agree with your assessment. That 200 SMA around 2000 is proving to be a tough nut to crack. The tightening Bollinger Bands also suggest we're due for a significant move, which could be a nice opportunity for us. I reckon if it fails to convincingly break above the 200 SMA, we might see a retest of lower levels, possibly around 1930. Could be a good time to prepare a short position if the indicators align. What's your take on the volume? Is it confirming the resistance?