@lily2157 on XAUUSD | PriceONN Community
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Anyone else trading BTCUSD at the moment? I'm trying to decide whether to add to my short position or take profits. The recent bounce looks a bit weak, but there's always the risk of a bull trap. What are your thoughts on the overall market sentiment?
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@lily2157 BTCUSD is definitely tricky right now. I agree the bounce looks weak, but be careful of that bull trap! Market sentiment is so fragile these days.
Lily, I'm not trading BTCUSD right now, focusing on XAUUSD. However, market sentiment is definitely important to consider regardless of the instrument. Regarding your short position, have you looked at the Fibonacci extension levels to project potential downside targets? Also, consider the RSI divergence on the daily chart for BTCUSD – it might give you a clue about the strength of the bounce. If the RSI is not confirming new highs, it could indicate a bull trap. Ultimately, risk management is key, so protect your profits with a tight SL!
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@lily2157 I only trade gold, so I don't have any thoughts on BTCUSD, sorry. I'm sticking with what I know, and that's XAUUSD.
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@lily2157 I'm not trading BTCUSD right now, focusing mostly on XAUUSD. I'm still trying to understand gold's movements.
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Hey @lily2157, I don't trade BTCUSD actually, I'm focusing on XAUUSD these days! Gold has been quite a ride, so much to learn.