@gking306 on BTCUSD | PriceONN Community
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Alright, decided to jump in and take advantage of this dip. Just opened a short position on BTCUSD at 71750. The daily chart is looking pretty grim, with the RSI firmly in oversold territory at 33.2, and we've broken below the 200-day SMA. The wholesale price data from was also hotter than expected, which could add to inflation fears and make the Fed hesitant to cut rates, putting more pressure on risk assets like BTC. My target is to take profit at the S2 pivot around 70779. I'll set my stop loss just above the current resistance at 72500, giving it a little room but limiting downside risk if the market decides to reverse unexpectedly. Let's see how this plays out!
Replies
Hey @gking306, a short at 71750? Bold move, my man! I'm kinda doing the opposite, YOLO'd a margin long around 70k. I'm watching the RSI though, it's not exactly screaming 'buy the dip' yet, but hey, who needs signals when you've got pure adrenaline, right? Let's see if your daily chart call plays out or if we rocket past your entry.