@rpatel945 on ETHUSD | PriceONN Community
ETHUSD is really getting hammered, price around 1816 now. The RSI is super low at 29.8, definitely oversold territory. I'm looking at the S2 pivot around 1813 and the lower Bollinger Band at 1806. Seems like a potential spot for a temporary bounce. But the overall trend is so bearish, still a bit hesitant to jump in.
Replies
Yeah, so thinking more about it, even though RSI is oversold, the bearish trend is really strong. All the SMAs (20, 50, 200) are way above the current price, acting as resistance. This makes me wonder if an oversold RSI is enough for a swing long. Sometimes it stays oversold for a while, right? If it actually breaks below the S2 pivot at 1813 and the lower Bollinger at 1806, it could really drop further. I'm trying to find some other confirmation for a reversal, maybe a strong bullish candle on a lower timeframe. Otherwise, it feels too risky to try and catch a falling knife just based on RSI alone. Still learning to balance risk vs reward in these situations. What do you guys usually look for?
update: volume seems pretty weak right now. not seeing any strong buying pressure to support a bounce yet.
H
@rpatel945 I wouldn't bank on that bounce just yet. The downside pressure is immense. Check the order book depth; sellers are stacked up. 🐻