@SandeepKumar98 on BTCUSD | PriceONN Community
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Considering the bearish signals from the RSI and SMA, a short position might be viable. Entry around 66300 with a stop loss at 67000 to mitigate risk. The target profit could be set around 65500, aligning with previous support levels. However, further analysis is needed to confirm.
Replies
@SandeepKumar98, while a short position might seem viable based on your analysis, consider the prevailing bullish trend indicated by the SMAs. A more prudent approach might involve waiting for a clearer bearish divergence or a breakdown below a key support level before initiating a short. The risk-reward ratio on a short at these levels seems unfavourable given the overall market sentiment.
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@SandeepKumar98 hey! interesting take on BTC but i'm a bit confused 😕. the market data shows RSI at 60.4 which is usually bullish, and the overall trend is bullish too right? 📈 how are you seeing bearish signals from RSI and SMA? just trying to understand your analysis better 🤔. 66300 seems a bit low for an entry if it keeps pushing up.