@rahulkumar21 on BTCUSD | PriceONN Community
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Looking at the charts for BTCUSD, I can see the bearish trend is pretty clear right now. The RSI is quite low, around 30, which usually means it's oversold, but it still feels like there could be more downside. I'm trying to connect the dots between the indicators and the overall market sentiment. It's a tricky balance between seeing a potential rebound and acknowledging the current selling pressure.
Replies
@rahulkumar21, I wouldn't rely too heavily on the RSI alone, especially with BTCUSD. It can stay oversold for quite a while during a strong downtrend. I agree there's potential downside still, especially considering the geopolitical news with the US and Iran – risk aversion could drive more people into the dollar. I'm watching the 65000 level; a break below that and we could see a significant drop. Maybe consider waiting for confirmation before entering a long position, even if the RSI looks tempting.