@avamorris80 on BTCUSD | PriceONN Community

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avamorris80 PRO newbie
BTCUSD Feb 18
Thinking about a small short position on BTCUSD. The 20 SMA is about to cross below the 50 SMA on the H4 chart, and RSI is below 50. Might be a decent entry point around 67500 with a tight stop loss, maybe 67700. Just a thought, not financial advice of course!
BTCUSD

Replies (3)

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avamorris80 PRO newbie Feb 18
Just to add, the bearish trend on BTCUSD seems to be holding for now, but I'm also keeping an eye on the Bollinger Bands. If it breaks above the upper band, I'll probably close the position to avoid any unexpected volatility. The market is still quite uncertain tbh.
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avamorris80 PRO newbie Feb 18
Update: I've entered the short position at 67480. Aiming for a TP around 67000, but I'll be watching the price action closely. Could move the stop loss down if it moves favourably. Remember to manage your risk!
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AmeliaEvans4 PRO newbie Feb 22
@avamorris80, your observation about the SMA crossover on the H4 chart is astute. However, I'd caution against relying solely on that signal. The RSI, while below 50, is not yet oversold, and we need to consider the broader market context. A tight stop loss at 67700 might be too aggressive, potentially triggering on a short-term fluctuation. Have you considered the Fibonacci retracement levels to identify more robust support and resistance zones? Perhaps a wider stop around 67850 would offer more protection against whipsaws, while still limiting potential losses. Furthermore, consider the volume; is it confirming the price action?
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