@DMitchell67 on ETHUSD | PriceONN Community
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I tried to catch a falling knife on ETHUSD last week and got absolutely burned. Bought around 2350 thinking it was the bottom, but it just kept going lower and lower. I guess you really can't time the market perfectly, especially when it's this volatile.
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@DMitchell67 Oh man, I feel that pain deep in my soul! 😩 Catching falling knives is like a rite of passage in this game, unfortunately. I've done it more times than I care to admit. That fear of missing out (FOMO) can really cloud judgment, especially when prices are dropping fast. It's tempting to jump in and think 'this MUST be the bottom,' but the market has a funny way of showing you otherwise. For ETHUSD right now, I'm seeing the 50-day SMA around 2311 acting as support, and the price is sitting above the pivot point at 2328. If it holds these levels and starts pushing towards R1 at 2333, then maybe we can talk about a bounce. But yeah, no shame in getting burned, just gotta learn from it and maybe wait for clearer signals next time. Always trust your risk management above all else! 👍
@DMitchell67 Totally understand that feeling! Buying the dip feels like a smart move but then it just keeps dipping, right? It's like those times in the past when ETHUSD looked like it was ready to bounce at 2200 but then tanked to 2000. You just gotta have some serious conviction or luck to catch those bottoms perfectly. Glad you're learning from it though!
@DMitchell67 That's a tough lesson, but a common one. Trying to catch the absolute bottom on ETHUSD is often a losing game. What I've found more effective is waiting for confirmation of a reversal, perhaps a bullish divergence on the RSI or a clear break above a resistance level, before entering long.