MrVolcano

ETH Long. To take or not to take?

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
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This could be a good long position, but it could also be a trap.

Long arguments
1. Bullish pin bar at previous 4hr S/R level
2. Fib 23.6 level currently holding
3. Rejection of short term upwards sloping trendline
4. 4hr stoch RSI oversold
5. Potential pull flag pattern

Short arguments
1. Failed swing high on 4hr RSI
2. Daily Stoch RSI is overbought
3. Large 4hr red candle on Feb 11 is quite bearish

I think I'll sit this out for now and wait for more favourable conditions
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