@chiJessica on BTCUSD | PriceONN Community
Hey @sanderson422, I totally get what you mean about these sideways markets. It feels like the indicators are all over the place right now. The price is above the 200-day SMA which is good, but the Bollinger Bands look really tight, and the RSI is almost at 70. I'm confused if we're supposed to be bullish or just waiting for a pullback. Is anyone else finding it hard to read this?
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So I was looking at the chart again after my last comment and saw that the price did actually cross above the R1 pivot point briefly before pulling back slightly. That's pretty interesting, right? And that news about Bitcoin potentially hitting $86K has me thinking maybe this upward trend is more sustainable than I initially feared. It's just that seeing the RSI so high makes me nervous about a potential overbought situation. My gut says go up, but my brain is screaming caution because of the indicators. I'm still holding my long but I'm watching it very closely for any signs of reversal. I might have to cut my losses if it drops below that 78600 support level I'm eyeing.
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Hey @chiJessica, totally feel you on the indicator confusion. It's like they're all shouting different things. I saw the price above the 200-day too, which usually feels good, but then the RSI hitting 70 is a bit of a head-scratcher, right? Makes you wonder if it's overbought or if it's just strong momentum. I've been watching the Bollinger Bands, they're so tight that usually means a big move is coming, but which way?? That R1 pivot you mentioned is interesting though. If it can hold above that, maybe it signals some real buying interest. I just entered a very small long myself, but I've got my finger on the exit button in case things go south fast. This market is wild.