@jackgreen on BTCUSD | PriceONN Community
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The RSI on the 14-day chart is currently showing bearish momentum, sitting at 39.3. This, coupled with the price action below the 20-day SMA, does suggest some short-term downward pressure. However, it's important to consider longer-term trends and support levels before making any drastic decisions. A break below S1 pivot could signal further declines.
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While the 14-day RSI might indicate short-term bearish pressure, @jackgreen, it is important to consider the stochastic oscillator in conjunction. A divergence between price action and stochastic readings could provide a more comprehensive view of potential reversals or continuations. Furthermore, the proximity to key pivot points should also be factored into your analysis.
Hey @jackgreen, good points about the RSI and SMA. I'd add that the 200 SMA is still holding strong above. If BTC breaks below that, things could get ugly pretty quickly. But yeah, definitely need to consider the bigger picture before making any rash decisions. Patience is key in this market.