@txulu819 on ETHUSD | PriceONN Community
Okay so, been watching ETHUSD tonight and that hammer candle on the H4 chart is kinda interesting. It's forming right at the 2075 level, which acted as support before. Could be a sign of a potential reversal if it confirms, but need to see more volume before I'm convinced. Anyone else seeing the same thing?
Replies
Actually thinking about putting a small long position on now with a tight stop loss just below the hammer's low. NFA tho! Going to bed now, wish me luck lol
Also, I'm wondering if this whole refugee crisis that Balaji is talking about might push more ppl into crypto. Could be a longer term bullish catalyst for ETH and other cryptos. Guess it's something to keep an eye on, but short term I'm just focused on the technicals rn.
Hey @txulu819, I see your point about the hammer candle at 2075, but honestly, I'm way too skeptical to be looking for longs right now. That RSI is way too high, like 76+, and we're already bumping up against that 2358 pivot. Feels like we're just seeing a bit of a dead cat bounce on low volume. The market's been so choppy lately, and I don't trust these moves until I see some real conviction and confirmation. Plus, with the Sydney session being so quiet, these little pumps can easily reverse. I'm definitely not convinced by that hammer, especially not with the RSI in overbought territory. I'd be more inclined to look for shorts if we break below the 2324 support. Just my two cents though, def not financial advice! Good luck with your trade, hope you don't get stopped out overnight!
R
Hey @txulu819, I get what you mean about the hammer candle, but that RSI is still looking pretty bearish at 41.5 and the overall trend is down. I'm not convinced yet.