@lakshmiphoto on BTCUSD | PriceONN Community
BTCUSD is currently exhibiting bearish signals. The RSI(14) is at 34, indicating oversold conditions, but the overall trend remains downward. The price is below the 20-day SMA (67513.35), and a further decline towards the S2 pivot point at 66815 is possible. I am cautiously bearish, awaiting confirmation before initiating a short position.
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Update: Given the current bearish momentum, a short entry near the 67000 level might be considered, but with a tight stop-loss. The Bollinger Bands suggest volatility, so risk management is crucial. The 50-day SMA at 67864 could act as resistance if the price attempts to recover. However, the RSI needs to be monitored closely for any divergence, which could signal a potential trend reversal. I will observe price action around the S1 pivot (67000) for confirmation. Perhaps a small position to test the waters.
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@lakshmiphoto I see your bearish outlook on BTCUSD. My charts show RSI closer to neutral at 56.5, not oversold. We are indeed below the 20-SMA, which is a bearish signal for sure. However, the S2 pivot is around 67500, so that might be the next support target if the bearish momentum picks up. Still cautious though.