@emily_b62 on BTCUSD | PriceONN Community
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Just opened a small long position on BTCUSD at 65950. Really hoping this oversold RSI means we're due for a bounce. My TP is set around 68500, and SL is just below the S2 pivot at 65500. Fingers crossed this isn't just another dead cat bounce.
Replies
Hi @emily_b62, I see you're trying for a bounce off that oversold RSI. That's a common strategy, but honestly, I'm a bit skeptical with how much BTCUSD has been dropping. Seeing it below the S2 pivot already is concerning, and that SL at 65500 might be too tight if we get another flush down. Remember how the Fed might hike rates? That news is still lingering and could easily push us lower. I'd be very careful with that long. It feels like we're heading for a bigger drop, not a bounce, especially with institutional money seeming to pull back. Good luck though, hope you nail it!