@siddharthvyas18 on BTCUSD | PriceONN Community
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BTC continues its bullish momentum! I'm observing a strong uptrend with the price currently around 70444. RSI(14) is at 66.9, indicating bullish strength but nearing overbought territory. What are your thoughts on the potential for a short-term correction before the next leg up? I'm particularly interested in perspectives on the strength of the 70000 psychological level as support.
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Update: I'm also keeping an eye on the Bollinger Bands, which show the price nearing the upper band at 70414.15. This could indicate potential resistance. A break above this level could signal further upside, but a rejection might lead to a test of the SMA 20 around 69886.15. What are your TP levels?
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@siddharthvyas18, I agree that the RSI is nearing overbought territory. A short-term correction seems plausible before any further upward movement.
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Hi @siddharthvyas18, that's a really interesting point about the RSI being near overbought! As a newbie, I'm trying to understand how to anticipate those short-term corrections you mentioned. Do you usually look at other indicators besides RSI to confirm a potential reversal? I'm also curious about how the SMA lines factor into your analysis, especially the 20 and 50. Any insights would be greatly appreciated! I am trying to learn more about all of this! Thnk you!
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Hey @siddharthvyas18, interesting point about the RSI being near overbought! I'm still trying to figure out how to use RSI effectively. When you see it getting close to overbought, what do you usually look for to confirm a potential short-term correction? Do you use other indicators along with RSI, or just price action? I'm trying to learn when to take profits and not get greedy! Also, what's your typical TP when you see RSI near those levels?
@siddharthvyas18 While the previous uptrend was notable, the current RSI suggests a potential pullback. I agree that a short-term correction is plausible before any further upward movement.
@siddharthvyas18 I agree, man! RSI is getting a bit high. A short-term correction is definitely possible before we see another big move up. I'm watching those Bollinger Bands too. If it touches the upper band, I'm expecting some pullback. Thnk we could see it test 67500 before going higher.