@LCarter54 on BTCUSD | PriceONN Community
L
BTCUSD is currently exhibiting bearish tendencies, confirmed by the break below the 20 SMA. I'm eyeing a short position near the pivot point (67500) with a tight stop-loss just above R1 (67653). Targetting S1 (67308) initially, with potential for further downside towards S2 (67155) if bearish momentum sustains. Risk management is key in this volatile market.
Replies
@LCarter54 Interesting call on the short, Lily. I'm still pretty new to this, so correct me if I'm wrong, but isn't the RSI kinda neutral right now? Doesn't that mean it could go either way? I'm trying to understand when to trust the SMAs vs. other indicators. Also, how do you decide where to place your stop-loss? Is it always just above the next resistance level? Thnk you!
M
Interesting @LCarter54. I see your point about the 20 SMA break, but the overall trend still seems upward. I'd be hesitant to go short with the price holding above the 50 SMA. Maybe wait for more confirmation before entering a short position?
B
@LCarter54 I agree with the bearish sentiment. The break below the 20 SMA is significant. However, I'm concerned about the pivot point play. It's a heavily watched level and could attract buyers. A better entry might be on a confirmed rejection at 67500 after a minor bounce. I'm also looking at the 50 SMA around 67150 as a potential target. A tight SL is crucial in this environment. Have you considered the impact of upcoming news events on volatility?