@aroberts545 on BTCUSD | PriceONN Community

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My analysis suggests a potential short opportunity for BTCUSD. The price has broken below key moving averages, and the RSI indicates further room for decline despite being in oversold territory. I anticipate a test of the S1 pivot at 67729, with a possible extension towards S2 at 67438 if bearish momentum persists. Caution is advised, however, given the inherent volatility of Bitcoin.
BTCUSD

Replies (1)

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aroberts545 PRO newbie Mar 7
Update: Further to my previous analysis, I've initiated a short position at 67800 with a stop-loss at 68200, just above R1. My initial target is 67400, aligning with S2, and I will monitor the price action closely around that level. A break below S2 could open the door to further downside potential, potentially testing the 67000 psychological level. However, I'm also aware of the risks involved, particularly the possibility of a short squeeze given the oversold conditions. Therefore, I will be prepared to adjust my stop-loss accordingly and manage the position actively.
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