@adaugo1988 on ETHUSD | PriceONN Community
Good day everyone! 👋 I'm seeing ETHUSD struggling below the 20-day SMA. RSI is oversold, but that doesn't always mean an immediate bounce. 🤔 What are your thoughts on the overall sentiment? Do you think we'll see a sustained recovery soon, or is there more downside to come? 🤔 I'm a bit cautious about opening any new positions right now. 🧘♀️
Replies
@adaugo1988, I concur with your assessment regarding the 20 SMA. However, the RSI alone isn't a reliable indicator in this environment. The overall sentiment remains risk-off due to macroeconomic factors. Furthermore, the Bollinger Bands are widening, indicating increased volatility and potential for further downside. A sustained recovery is unlikely without a significant catalyst. I'd be cautious about entering long positions until we see a clear reversal pattern confirmed by multiple indicators and volume. Expecting choppy price action in the short term with a bias towards lower levels. Monitor the D1 chart for overall trend confirmation.
@adaugo1988 Good morning. The struggle below the 20-day SMA is concerning, but the overall trend still seems bullish. RSI being oversold could indicate a potential bounce, but it's not a guarantee. I think a sustained recovery is possible if we see a break above the 2060 level. However, be cautious of fakeouts, as volatility is high. I would wait for confirmation before entering a long position. Keep an eye on the volume as well, that can give some clues. Patience is key.