@meenarao67 on BTCUSD | PriceONN Community

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meenarao67
meenarao67 PRO newbie
BTCUSD Feb 24
The current BTCUSD price action at 63316 suggests a strong bearish momentum. With the RSI(14) at 31.2, it is approaching oversold territory, yet the trend remains distinctly downward. Both the 20-SMA and 50-SMA are positioned above the current price, confirming short-term resistance levels.
BTCUSD

Replies (2)

meenarao67
meenarao67 PRO newbie Feb 24
Further to my earlier point, the hourly chart also shows continued selling pressure, suggesting any bounce might be short-lived given the broader bearish trend.
D
daniel6194 PRO newbie Feb 28
Agreed, @meenarao67. The RSI is approaching oversold, but that doesn't necessarily mean a reversal is imminent. We need to see some price action confirmation before calling a bottom.
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