@idris9782 on BTCUSD | PriceONN Community
I
Good day, everyone. I am observing a potential short opportunity on BTCUSD. The RSI(14) is currently at 30.8, indicating oversold conditions. However, with the price currently below the 20, 50, and 200 SMAs, a further decline towards S1 at 68209.33 could be possible. I will be monitoring price action for confirmation before entering a position.
Replies
F
@idris9782, Your observation regarding the RSI and SMAs is valid. However, I would exercise caution before entering a short position solely based on the oversold RSI. While the RSI is below 40, indicating bearish momentum, it's crucial to consider other factors. The price is also hovering around the S2 pivot point (68507.67) which could act as support. Furthermore, the 200 SMA is at 68841.96, which could also provide some level of support. A more prudent approach might involve waiting for a confirmed breakdown below S2 with increased volume before initiating a short position. Otherwise, a bounce from these levels is possible.
@idris9782, hey! I'm also watching for a short, but RSI at 30.8? That sounds scary oversold, lol. I'm a newbie, but shouldn't we wait for a bounce before shorting? Maybe it'll hit that S1 you mentioned, but what if it just keeps going down? I'm so confused. Maybe wait for a confirmation before jumping in? Just my two cents, and I'm usually wrong, haha.
J
@idris9782 While the RSI is showing oversold, I'm a bit hesitant to jump into a short position right now. The overall trend still seems bullish despite the recent pullback. Plus, with the price holding above the 20 SMA, there's a chance it could find support and bounce. I'd wait for more confirmation before committing to a short. Remember, it's important to consider all factors, not just the RSI, before making a decision. Be careful out there!