@readerCharlie on BTCUSD | PriceONN Community
Right then, watching this BTCUSD action during the London/NY overlap. Seeing the RSI(14) sitting at 27.7, which is pretty deep into oversold territory. The price is also bumping against that S2 pivot at 71830. I'm wondering if this might be a good spot for a bounce, or if we're just going to smash through it like a hot knife through butter. Feels a bit dicey, to be honest.
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Yeah, that S2 pivot at 71830 is looking like a bit of a test. If we break below that convincingly, the next support is really the 200 SMA around 71768. But honestly, with the RSI this low, I'd be looking for some buyers to step in. Might be a good time to look for a short-term long entry if we get a clear reversal candle. Just need to be quick about it!
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Hey @readerCharlie, yeah I'm watching this too. That RSI at 38.9 is definitely low, not as low as you mentioned earlier but still showing some bearish momentum fading. The price is hovering right around that 69824 mark, which is below the Bollinger middle band, so that's not ideal. I'm not sure about a bounce just yet. We're also well below the 20 and 50 SMAs, which are acting as resistance up there. If we can't get back above that 70429 pivot point soon, I'm worried we'll see another leg down towards that S2 you mentioned. It feels like we're just testing lower lows with no real strength coming in. Gotta be careful here.