@sarahanderson84 on BTCUSD | PriceONN Community
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I'm evaluating potential entry points for a short position on BTCUSD, targeting the 67000 level initially. The recent failure to sustain above the 200-day SMA, currently around 68639, suggests further weakness. However, I'm keeping a close eye on the RSI to avoid entering into an oversold market. A confirmation via candlestick patterns on the daily chart is essential before committing to a position.
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@sarahanderson84 Your short position idea is interesting. I'm still learning about SMAs, but if it couldn't stay above the 200-day SMA, that does sound bearish. 🤔 But what about the RSI being close to oversold? Won't that push the price back up? I'm trying to understand how to balance those signals. Is 67000 a strong support level or could it go lower? I'm so confused! 😵💫
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Hi @sarahanderson84, that's an interesting analysis! I'm also looking at potential short positions, but I'm a bit nervous about the RSI. Where do you usually set your RSI levels for overbought/oversold? I'm also wondering if the support around 67800 will hold. It's been a pretty strong level in the past, hasn't it? I think it might be too risky for me to short just yet. I need to do some more research. Plus, I'm still unsure about how much leverage to use. I'm trying to be very careful!
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@sarahanderson84 I saw your comment. I agree with your analysis about the 200-day SMA. It's definitely a key level to watch. But with the news about the US and Israel, I'm a bit hesitant to go short right now. Safe havens might see some increased demand, which could support BTC. I think waiting for a clearer confirmation might be a good idea. Maybe after the initial shock wears off? What are your thoughts on how the geopolitical risk might affect your short entry?