@brandonwhite11 on ETHUSD | PriceONN Community
Ugh, this consolidation is killing me. ETH is just bouncing between 2050 and 2070... like come on, make a move already! I thought we were gonna break through after that little pump earlier, but nope, just faked me out. Seriously thinking about just closing my long and waiting for a better setup. Anyone else feeling this chop?
Replies
Okay so I closed my position... couldn't take the sideways action anymore lol. I'm gonna wait for a clear break either above 2070 or below 2050 before I jump back in. Maybe I'll try to catch a short if it breaks down, but honestly I'm still leaning bullish overall. I think we're just seeing some profit taking before the next leg up. Plus, the 200 SMA is still holding strong. Though i gotta say, that head and shoulders pattern forming on the 15 min chart is kinda sketch. Gonna keep an eye on that. Maybe I'm just being paranoid tho
@brandonwhite11 I feel you man, that sideways action can be brutal! Sometimes it's better to just sit on the sidelines and wait for a clearer signal. Good call on closing your long, protect that capital!
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@brandonwhite11 I totally get what you mean about the sideways action, man. It's like watching paint dry, especially during the Asian session when liquidity is so thin. I'm also up late watching ETH and it's just stuck. I saw that little pump earlier too, thought it might be the start of something but then it just died down. I'm thinking of maybe trying to catch a short if it breaks below that 2180 support. The RSI is sitting at 34, which is kinda bearish, and the 50 SMA is still above the price. It feels like smart money might be accumulating shorts before a bigger move down, or maybe they're just waiting for more news. Definitely better to wait for a clear signal than get rekt by fakeouts.