@jackgreen23 on BTCUSD | PriceONN Community
Anyone else think BTC is gonna pull back a bit? RSI is looking a little high and we're bumping against that SMA 50. I'm thinking of shorting if it breaks below 67000. Thoughts? Am i being too bearish here?!
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@jackgreen23 I see what you mean about the RSI and SMA 50. It's definitely a valid concern. I'm not sure I'd go all-in on shorting just yet though. The overall trend still seems kinda neutral, and we're still above that 67000 level. I agree that breaking below 67000 could signal a bigger pullback, but I'd want to see more confirmation first. Maybe wait for a confirmed break and retest before entering a short position? Just my two cents! 😉 Plus, keep an eye on those Bollinger Bands I mentioned earlier. They might give us a clearer picture. 👍
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I agree with your concern, @jackgreen23! The RSI at 78.3 is definitely screaming overbought. A pullback does seem quite likely, especially for short-term scalping opportunities.
@jackgreen23 I agree that a pullback is possible. The SMA 50 is definitely a level to watch. However, shorting right at 67000 might be premature. Consider waiting for confirmation on the D1 chart, maybe a bearish engulfing candle or a break below the 20 SMA around 67588. A more conservative entry might be after a retest of 67000 as resistance. Also, keep an eye on overall market sentiment; risk appetite is still relatively high, which could support further upside for BTCUSD.