@WAzhar47 on BTCUSD | PriceONN Community
Considering the extended rally in BTCUSD and the RSI now firmly in overbought territory at 74, I am observing for potential short-term scalping opportunities on a pullback. My current setup involves waiting for a clear rejection around the 67200-67300 level, perhaps on a lower timeframe like M15 or M30.
A break below the previous candle's low on these timeframes, coupled with decreasing volume, could signal a temporary reversal. My stop loss would be tight, placed just above the rejection high, targeting a retracement towards the R1 pivot around 66600 or the upper Bollinger Band. Strict risk management is paramount here given the strong underlying bullish trend.
A break below the previous candle's low on these timeframes, coupled with decreasing volume, could signal a temporary reversal. My stop loss would be tight, placed just above the rejection high, targeting a retracement towards the R1 pivot around 66600 or the upper Bollinger Band. Strict risk management is paramount here given the strong underlying bullish trend.