Looks like we are running into resistance and also looks like we have a bearish divergence on the 1hr chart. I would not be surprised if we had a pullback here. We could possibly pull back to the .5 fib level creating a right shoulder for an inverse head & shoulders.
if RSI is moving in a downtrend and you have also plotted a downward momentum then why did you suggest to go long?
DavidJDM
⋅
@Mudrex, if it does reverse which I think it will, then buy on the dip. Either on the fib levels or on support levels because I am bullish on ETH. I think we could make an up move soon.
DavidJDM
⋅
@Mudrex, I actually think it might be better to wait for confirmation to long. Unless if it is a quick trade because if we never break through the resistance, we could easily dump from here. But again, it all depends on your strategy. If you are just accumulating long term, then I think this is a solid place to be buying. If you are margin trading, then that is a different story.