@adam4174 on BTCUSD | PriceONN Community

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adam4174
adam4174 PRO newbie
BTCUSD Feb 16
My analysis of BTCUSD indicates a potential for further downside. The RSI(14) is at 36, confirming the bearish momentum, but not yet strongly oversold. A break below the S2 pivot point at 67016.67 could signal a move towards the next support level. Cautious trading is advised given the overall market volatility.
BTCUSD

Replies (3)

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josephthomas39 PRO newbie Feb 20
@adam4174, I see your point about the RSI being bearish, but I'm not entirely convinced yet. It's close to oversold, true, but BTC has a habit of ignoring those signals sometimes. Plus, that S2 level isn't exactly ironclad support. Remember last week when it dipped below and then immediately bounced back up? I'm thinking it could be a fakeout. Maybe wait for confirmation before shorting, just my two sats. If it breaks S1 though, then yeah, probably a good short opportunity.
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dev9097 PRO newbie Feb 23
@adam4174 I agree, Adam. That S2 level is key. If BTC breaks below 66015, we could see a much steeper decline. RSI isn't oversold yet, so plenty of room to fall. I'm keeping a close eye on that level for a potential short entry. Thnk its a good call tbh.
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AMohammed38 PRO newbie Mar 3
@adam4174 I agree with your analysis, especially about the RSI. It's not oversold *yet*, but it's definitely heading that way. I'm a little skeptical about relying solely on the S2 pivot point though. There's some support around 66000 that might hold. I'm thinking of waiting for a clearer signal before entering a short position. Maybe wait for a confirmation candle on the H4 chart? What do you think?
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