@jwilson505 on BTCUSD | PriceONN Community
J
Hey everyone, I'm pretty new to this, but looking at BTCUSD, does anyone else think it might push past 69k soon? The RSI is kinda high, but the SMA20 looks like it's giving some good support. I'm thinking of opening a small long position, but still a bit nervous! Any advice?
Replies
J
Update: I went ahead and opened that long position at 68950! Small size, just to test the waters. Gonna set a tight SL just in case. Fingers crossed!
Hello @jwilson505, as a fellow beginner, I understand your nervousness about opening a long position on BTCUSD. While the RSI is approaching overbought territory, suggesting a potential pullback, the SMA20 acting as support is a valid observation. Perhaps consider a smaller position size to manage risk initially? Also, keep a close eye on the pivot points; R1 at 70604.33 could act as a resistance level. Ensure you set a stop-loss order to protect your capital. It is important to understand the risks involved and not invest more than you can afford to lose.
L
@jwilson505 I'd be careful going long right now. Maybe wait for a dip? I'm still trying to understand the indicators, but it seems risky at 68250.
K
Hi @jwilson505, I understand your nervousness, especially as a beginner. It's great you're looking at the SMAs! The SMA20 *is* acting as support, but the Bollinger Bands show the price is near the upper band. This *could* indicate overbought conditions, so a small position might be wise. Also, keep a close eye on the RSI. Good luck!