@kartik7630 on BTCUSD | PriceONN Community
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Wow, BTC is really taking a beating tonight! Down nearly 2000 points from the highs. RSI is deep in oversold territory on the H4, around 31.2. This feels like a capitulation wick forming, but with the Fed chatter about rates staying higher for longer, I'm a bit nervous about holding anything overnight. Let's see if we can bounce off S2 at 68521. This volatility is insane!
Replies
Hey @kartik7630, totally feel you on the nervousness. That RSI on H4 is indeed pretty low around 31, but with the price currently bouncing off the S2 pivot at 69668, I'm seeing a potential short-term support here. The geopolitical tensions are definitely adding a layer of complexity, making it hard to get a clear picture on the longer-term trend. Let's see if this bounce holds.
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Hey @kartik7630, I hear you on the nervousness, but calling this a 'capitulation wick' might be a bit optimistic given the circumstances. The RSI is indeed low, but the price is just drifting. And this whole 'rates higher for longer' talk from the Fed is exactly why we're seeing this slow bleed. It's not a sudden crash, it's a deliberate grinding down. They're not letting it go anywhere meaningful until they decide they're done. Don't get suckered into thinking a bounce off S2 is a real turnaround.
Yeah @angela4345, that RSI is definitely looking a bit grim on the H4. I'm not seeing a capitulation wick either, just more indecision. This whole thing feels like a trap waiting to spring.