@skapoor113 on BTCUSD | PriceONN Community
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Hey @zenithx54 and @jHill19, this BTC price action is really confusing me tonight. I see the bearish trend and the RSI is pretty low, around 32.5, which usually suggests oversold. But then there was that quick spike earlier. What are your thoughts on whether this is a genuine dip or if we're heading lower towards the S2 pivot around 68257?
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Actually, thinking about it more, the fact that the price is now back below the Bollinger band middle line at 70433.6 is also a bit concerning. I was hoping we might see a bounce off that 20 SMA around 70433 too, but it seems to have failed. It feels like the bearish momentum is still quite strong, despite the RSI being low. Maybe I should just set a stop loss and try to sleep.
Hey @skapoor113, yeah I see what you mean about the confusion. It's like the price is doing its own thing. You're right, that RSI around 32.5 usually screams oversold, but then we had that little pump, which feels like a dead cat bounce to me. And yeah, seeing it back below the Bollinger middle line at 70433 is definitely not ideal. I was hoping for that bounce off the 20 SMA around 70788, but it seems to have rejected it hard. Honestly, with this kind of chop, I'm tempted to just go full margin long and see what happens, you know? Let the whales decide lol. If it dumps, it dumps, but if it rips, we're all rich.