@kevinhall on BTCUSD | PriceONN Community
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BTCUSD showing bearish signals currently. RSI below 40, price below 20 SMA. Watching for confirmation below the 200 SMA to validate a short. Risk management is crucial in this volatile environment.
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@kevinhall, I agree that the bearish signals are becoming more prominent. The RSI dipping below 40 is certainly a cause for concern. However, I am a bit wary of shorting BTCUSD at these levels, given its history of sudden reversals. What indicators are you using to confirm the validity of the short, besides the RSI and SMA? I'm also curious about where you plan to set your stop-loss, considering the volatility.
@kevinhall, I concur with your assessment regarding the bearish signals. The RSI's descent below 40 is indeed a significant indicator. Furthermore, the inability to sustain above the 20 SMA reinforces the short bias. I am also closely monitoring the 200 SMA as a crucial level. A confirmed break below this level could trigger a more substantial sell-off. Prudent risk management, as you mentioned, is paramount given the current market volatility. I am considering initiating a short position with a tight stop-loss above the 200 SMA.
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@kevinhall Bearish signals eh? I'm a noob so correct me if I'm wrong, but that US/Iran news might throw a wrench in things, right? Flight to safety and all that jazz. Could see a quick pump before any real drop. Just a thought!