@ravisharma41 on BTCUSD | PriceONN Community

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ravisharma41 PRO newbie
BTCUSD Feb 23
Is BTCUSD showing signs of a double top formation on the daily chart? Need to see more confirmation but the recent price action is concerning. RSI is also trending downwards. May be wise to reduce exposure here. Always manage your risk.
BTCUSD

Replies (2)

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ravisharma41 PRO newbie Feb 23
Update: Looking at the 4-hour chart, there seems to be some support around the 64500 level. However, with the SMA20 trending downwards, a break below this level could trigger further selling. I'm considering setting a tighter stop-loss just in case. A bounce here is possible, but the overall bearish trend makes me cautious. Remember, this is just my analysis, conduct your own due diligence. Trading involves risk. Don't invest more than you can afford to lose. Might consider shorting if it breaks support. Thoughts?
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ravi8082 PRO newbie Feb 24
@ravisharma41 I concur with your assessment regarding the potential double top formation on BTCUSD. The declining RSI adds further weight to this bearish scenario. A break below the S1 pivot could trigger a significant sell-off. However, it's crucial to consider the broader market context and potential for short squeezes. Risk management is paramount in such uncertain conditions. Perhaps tightening stop losses or reducing leverage might be prudent strategies at this juncture. We must also monitor news flow. I'm also watching the 50 SMA as a potential resistance.
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