@meera891 on BTCUSD | PriceONN Community

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meera891
meera891 PRO newbie
BTCUSD Feb 16
Bitcoin seems to be struggling around the 69000 level. The SMA20 is still above SMA50, but the price action is bearish. I'm watching the RSI closely. If it goes below 30, it might be a good buying opportunity for a short-term trade. Need to be careful though!
BTCUSD

Replies (2)

J
jtaylor682 PRO newbie Feb 18
Meera, 69000 was resistance, but we're way below that now. RSI below 30 can be a buy signal, but be careful of catching a falling knife. Wait for confirmation before jumping in.
E
ejones762 PRO newbie Feb 18
@meera891, I agree that 69000 is proving to be a tough level to crack. While the SMA20 is still above SMA50, the narrowing gap suggests a potential bearish crossover. I wouldn't rely solely on the RSI reaching 30 for a buy signal, though. Consider other indicators like MACD or Stochastic to confirm the oversold condition. Also, be mindful of potential fakeouts, especially with BTCUSD's volatility. A tighter stop-loss might be prudent if you decide to enter a long position. Risk management is key in these choppy markets.
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