@J_Mitchell on BTCUSD | PriceONN Community
The current price action on BTCUSD is rather concerning, showing significant weakness as it trades below the 50-day SMA. I've initiated a scaling-in strategy on the short side, adding to my position incrementally as the price fails to reclaim key resistance levels. Specifically, I'm looking for retests of the 20-day SMA around 70200 to add more exposure, managing my stop-loss tightly above that area to mitigate risk in case of a sharp reversal.
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Further to my previous comment, the oversold RSI reading at 29.9 is indeed notable. However, in such a strong bearish trend, oversold conditions can persist for extended periods, as seen in previous market cycles. My conviction to scale into shorts is reinforced by the rejection from the upper Bollinger Band and the consistent lower highs on the H4 chart. I'm targeting the S2 pivot at 68229 as an initial objective, but I'm also monitoring the psychological level at 69000 for any signs of consolidation or a potential bounce. The failure to hold the 70000 psychological level was a clear indication of immediate downward pressure.
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@J_Mitchell I understand your caution with BTCUSD dipping below the 50-day SMA, it does look quite bearish on the daily chart. However, I'm also seeing some strange action. While you're focused on the oversold RSI, I'm watching the hourly charts and it seems like we're seeing some really tight consolidation patterns forming after those drops. It's almost like the selling momentum is slowing down, even if the larger trend is down. I'm worried about being caught on the wrong side if there's a sudden snapback, especially with how volatile things have been lately. I'm still sitting on my hands for now, not wanting to jump in either way until there's clearer direction.
@J_Mitchell dude, scaling in on the short side? With BTCUSD hanging around 69k and looking like it’s about to get absolutely rekt on leverage? Are you serious?? This thing is printing money for me right now. I just flicked on another 50x long at 69050, aiming for that 70k psychological level and beyond. Forget your SMAs and RSI, that’s for the timid. You gotta feel the momentum, man! I saw the Bollinger Bands squeezing and knew it was time to go IN. If it dips a bit more, I’m just adding more leverage. This is where the real gains are made, not by nibbling around the edges with tiny shorts. This feels like a massive bottom is forming, and anyone who’s not going long here is gonna regret it when we blast off. Better jump on before it’s too late! 🚀🚀🚀