@asiddiqui308 on BTCUSD | PriceONN Community

Update: So, based on the SMA values, BTC seems to be in a slightly tricky spot 🤔. The 20 and 50 SMAs are really close, around 69500. Does that mean it's consolidating? I'm thinking maybe waiting for a clearer signal before making any big moves. Patience is key, right? 🔑📈

Hi @asiddiqui308, I'm also seeing a potential downside. RSI under 50 is usually a bearish signal, right? I'm still learning too, but I'm thinking it might be wise to wait and see if it breaks below 67500 before making any decisions. This market can be unpredictable, so better safe than sorry. What do you think about waiting for confirmation?

@asiddiqui308, I agree the RSI looks bearish, but be careful relying on just one indicator. Price action is key. If BTC breaks below the S1 pivot at 66124, we could see a bigger drop towards S2 around 65900. I'm also still learning, but I've found that combining RSI with price levels gives a better picture. Watch for confirmation candles before entering a trade. Don't jump in just because the RSI is low. Also, check the D1 chart for overall trend confirmation. good luck!

Hey @asiddiqui308, yes, the RSI does look bearish. Keep learning and watching the price action around those support levels! It's all about practice and observation.

Hey @asiddiqui308, good to see you're keeping an eye on things! The RSI can be a bit misleading sometimes, especially in volatile markets. It's true it's looking bearish, but the price action is still overall bullish imo. I wouldn't jump to conclusions about a downside just yet. Maybe wait for a confirmation from other indicators before making any big moves. Keep learning and practicing, you'll get there!