@MichelleYeo on BTCUSD | PriceONN Community
M
My current view on BTCUSD is definetly cautious despite the strong bullish trend. Price is well above the 20, 50, and 200 SMAs, which usually good for the bulls. But the RSI at 75 is a huge red flag for me. Its screaming overbought.
We're also pushing up against the upper Bollinger Band, which adds to the exhaustion narrative. While it could technically push higher, the risk-reward for opening new longs here is just not appealing. I prefer to wait for a clear retrace, maybe back to the 67000-66000 area where the SMAs are clustered. Or at least a period of consolidation to cool off the indicators. Patience is crucial in these extended markets. tbh.
We're also pushing up against the upper Bollinger Band, which adds to the exhaustion narrative. While it could technically push higher, the risk-reward for opening new longs here is just not appealing. I prefer to wait for a clear retrace, maybe back to the 67000-66000 area where the SMAs are clustered. Or at least a period of consolidation to cool off the indicators. Patience is crucial in these extended markets. tbh.