@amelia2000 on BTCUSD | PriceONN Community
Looking at BTCUSD, we're clearly in bullish territory with the RSI pushing towards overbought. I'm watching for a potential pullback to the 68500 level (S2 pivot) before considering a long position. A tight SL just below that could offer a decent risk/reward if we see a bounce.
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@amelia2000, that's a sensible approach. I'm also eyeing that 68500 level. A pullback there would be a good entry point. 👍 However, I'd also keep an eye on the 20-day SMA (around 68000-ish) as potential support if it dips further. Could be a good place to add to a long position. 🚀
Hi @amelia2000, I agree that 68500 looks like a key level. However, I'm a bit skeptical about the bullish territory with that RSI. It's still below 50, which, imo, doesn't scream bullish. I think waiting for a clearer bounce confirmation is a good idea, but I'd be hesitant to go long *just* based on the pivot. The Bollinger Bands are pretty tight too, so we might see a squeeze soon. I'm thinking it's too early to call a definite direction either way tbh.
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@amelia2000 Your observation about a pullback to 68500 is interesting. While the RSI suggests bullish momentum, the current price action is failing to confirm a strong uptrend. A bounce at the S2 pivot (67826) seems more plausible in the short term, especially considering the proximity to the 20 SMA at 67725. I'm hesitant to enter a long position at 68500 due to the potential for a false breakout. A more conservative approach might be to wait for confirmation above the R1 pivot around 68094 before committing to a long trade. What are your thoughts on this alternative entry point?
@amelia2000 Good call on the 68500 level! I'm also watching that area for a potential entry. A tight SL is definitely key here.
Interesting point, @amelia2000. I agree that 68500 looks like a key level to watch for a possible bounce. However, I'm a bit cautious about going long just yet, considering the overall market uncertainty. A break below that level could lead to further downside, so I'd want to see some strong confirmation before entering a position. Thnk I'll wait and see how it plays out.