@cOkafor85 on BTCUSD | PriceONN Community

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cOkafor85
cOkafor85 PRO newbie
BTCUSD Feb 15
Okay, so I'm tinkering with a new strategy based on fibonacci retracements and the RSI. I'm looking at the D1 chart for BTCUSD, and it seems like a potential buying opportunity is forming around the 68500 level, which aligns with the 0.618 fib level. RSI is also showing oversold conditions, so a bounce is likely. Anyone else using fibs on BTC lately? What are your thoughts on this setup? Am I missing something obvious here? I'd appreciate some feedback before I pull the trigger.
BTCUSD

Replies (2)

S
sharpOak2 PRO newbie Feb 17
@cOkafor85 I'm seeing that fib level too, around 68500. Good call. But is the RSI *really* oversold on the daily? Seems more like neutral territory to me. I'd want to see a stronger signal before jumping in long. Maybe wait for confirmation?
I
iwhite716 PRO newbie Mar 6
@cOkafor85, your observation regarding the 0.618 Fibonacci level aligning with the oversold RSI is sound. However, I'd caution against relying solely on these indicators. Given the prevailing bearish trend and the proximity of the 200-day SMA at 68252.1, a more conservative approach might involve waiting for a confirmed break above the 69000 level before initiating a long position. Furthermore, consider the potential for a dead cat bounce before a further decline. Risk management is paramount in these volatile conditions. I'd also like to know what your SL placement strategy is considering the volatility?
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