@fkhan416 on BTCUSD | PriceONN Community

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fkhan416
fkhan416 PRO newbie
BTCUSD Feb 21
Anyone else using the Bollinger Bands on BTCUSD right now? It looks like the price is testing the upper band. I'm wondering if this indicates a potential overbought condition or just a continuation of the bullish momentum. Thoughts on using Bollinger Bands in this current market environment?
BTCUSD

Replies (1)

U
usmanbaig PRO newbie Mar 3
@fkhan416 Fatima, I'm also using Bollinger Bands. The test of the upper band is interesting. While it could indicate overbought conditions, BTC has been known to ride the upper band during strong bullish trends. However, considering the RSI is still neutral, I think we need to see more volume to confirm a sustained breakout. It might be wise to wait for a close above the upper band on the H4 chart before considering a long entry. I'm also looking at the 50 SMA as a potential support level if we see a pullback. What are your thoughts on the volume?
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