@ThunderBolt3 on BTCUSD | PriceONN Community
I'm noticing BTCUSD is struggling to stay above the 20-day SMA around 66492. If it breaks below this level and holds, we might see a further dip towards the S1 pivot at 65510. Setting a tight stop-loss just above the SMA could be a decent short-term strategy. Thoughts?
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Update: Just wanted to add that I'm also keeping an eye on the RSI. It's currently neutral, but a drop below 40 could signal further bearish momentum. If BTCUSD manages to bounce off the S1 pivot and the RSI starts trending upwards, I'd reconsider my short position. It's all about adapting to the market, right? I think a good strategy here is to wait for confirmation before committing too heavily. I'm still learning, so any feedback on this approach would be greatly appreciated!
A
@ThunderBolt3 Your observation on the 20 SMA is valid. However, consider the potential for a false breakout before committing. Risk management is paramount in this environment.