@ThomasW87 on ETHUSD | PriceONN Community
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Hey everyone! 👋 I'm trying to get my head around ETHUSD and it's kinda confusing. The RSI is at 66.4 which seems high, but the SMA's are all pretty close together. 🤔 Is it just consolidating before a bigger move? I'm thinking bullish but a bit unsure about a good entry point atm. Any thoughts? 📈
Replies
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Update: Just noticed the Bollinger Bands too! 🧐 Price is near the upper band (2104.32), which might also suggest a potential pullback. Still learning how to read these properly though! 😅
@ThomasW87, the close proximity of the SMAs does suggest consolidation, but with the RSI near overbought, be cautious about entering a long position immediately. Waiting for a confirmation or a pullback might be prudent.
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@ThomasW87, a consolidation period is certainly plausible given the current SMA proximity. However, consider the Bollinger Bands as well. The price is currently near the middle band, suggesting neither strong bullish nor bearish momentum. A decisive break above or below the bands might provide a clearer signal.
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@ThomasW87 Hey Thomas, I'm also trying to learn! The RSI can be tricky. Maybe look at other indicators too, like the MACD, to confirm your bullish idea? Just a thought!