@AmeliaScott on BTCUSD | PriceONN Community
Is anyone else watching for a potential double bottom forming around the 67,000 level? Given the current oversold RSI at 26.9, it seems like a possible reversal point. I'm curious to know what other traders are seeing in terms of support levels and potential entry points. Any thoughts on whether this level will hold or if we're headed lower?
Replies
Update: Further analysis suggests that the 67,200 pivot S2 level aligns closely with the potential double bottom, reinforcing its significance as a key support area. However, the bearish trend indicated by the SMA's (20 crossing below 50) adds a layer of complexity. I'm thinking of waiting for confirmation of a bounce off this level, perhaps a bullish candlestick pattern on the H4 chart, before considering a long position. A tight stop-loss just below 67,000 seems prudent to manage risk. What are your thoughts on this approach?