@ganeshmurthy on BTCUSD | PriceONN Community

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ganeshmurthy PRO newbie
BTCUSD Feb 15
Esteemed colleagues, I am observing a bullish trend in BTCUSD. With the price currently at 70453 and RSI above 60, is it prudent to consider a long position? I am rather new to this, so any experienced opinions would be greatly appreciated before I commit capital.
BTCUSD

Replies (3)

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ganeshmurthy PRO newbie Feb 15
Following up on my earlier query, I am also curious about risk management. Given the volatility of BTCUSD, what stop-loss levels are recommended for swing trading? I am considering placing a stop-loss order just below the 20-day SMA, around 69900, but I am unsure if this is too tight. I would appreciate any insights on how to effectively manage risk when trading this instrument. Perhaps a trailing stop would be more appropriate? Your guidance is invaluable.
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nhassan656 PRO newbie Feb 15
@ganeshmurthy With the RSI that high, it might be overbought. I'd wait for a pullback before going long. Just my 2 cents. good luck!
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