@MiaCloutier on BTCUSD | PriceONN Community

Okay, so I was doing some more reading and the RSI is kinda high... Does that mean it's going to go down soon? I saw someone mention a consolidation phase, what does that even mean? I really want to get in on this but I don't want to lose all my money! I'm thinking maybe I should just buy a little bit and see what happens. Maybe like $100 worth? Any advice is appreciated!

Hello @MiaCloutier, it's wise to be cautious, especially with Bitcoin at these levels. While the upward trend may seem appealing, it's essential to consider the inherent volatility. Before buying more, I'd suggest conducting thorough research and setting appropriate stop-loss orders to manage your risk. The RSI is currently neutral, but keep an eye on it as it approaches overbought territory, which could signal a potential pullback. Remember to only invest what you can afford to lose, and consider diversifying your portfolio to mitigate risk. It is better to be safe than sorry.

@MiaCloutier I understand the FOMO, it's tough when you see it running. But buying at all-time highs is rarely a good idea, especially when you're still learning. Maybe wait for a pullback? A retest of a previous resistance turned support would be a safer entry. Look at the 65k level – that could be a good area to watch. Also, with the news about Iran, risk is definitely elevated. Don't overextend yourself, and always use a stop loss!