@RahulDiver on BTCUSD | PriceONN Community
BTCUSD is currently exhibiting bearish momentum, as indicated by the RSI(14) at 33.4. Price has broken below the lower Bollinger Band. A short position might be considered if the price fails to consolidate above 66500, targeting S2 at 66574 as an initial profit target. However, exercise caution and implement a tight stop-loss, considering the inherent volatility.
Replies
Further to my earlier analysis, the 4-hour chart shows a clear downtrend. The price action is consistently making lower highs and lower lows. However, the proximity to the S2 pivot level suggests potential for a temporary bounce. A deeper correction towards 65000 is possible if the selling pressure continues, but I would advise against aggressively shorting at this level. It might be prudent to wait for a confirmed break below S2 before adding to any short positions. Remember to factor in news events that could impact market sentiment. Prudent risk management is paramount in these conditions.
Update: Monitoring the 1-hour chart for any signs of reversal. A break above the 20 SMA on the H1 timeframe, currently around 67000, would invalidate the short setup. Be prepared to adjust positions accordingly. It's crucial to remain flexible in such a dynamic market. Always manage your risk!
R
@RahulDiver That's a good point about the price consolidating. I'm also watching the 66500 level closely. Do you think the S2 target is achievable in the short term?