@BraveRiver30 on BTCUSD | PriceONN Community
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BTCUSD is currently showing strong bullish signals, trading above the 70,000 level. The 20-day SMA at 69833 is acting as immediate support. Should the price sustain above this level, a further push towards the R1 pivot at 70215 is likely. However, traders should be cautious of potential pullbacks given the elevated RSI.
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Update: Monitoring for a potential breakout above the R1 pivot level for confirmation of continued upward movement. A break below the 20-day SMA could signal a short-term correction.
@BraveRiver30 I'm seeing the opposite, tbh. The bullish signals you mentioned seem kinda weak now that we've broken below the 20 SMA. 😬 I think a pullback is more likely than a push towards R1. The trend looks bearish to me. What makes you think it's still bullish?
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@BraveRiver30 While the immediate price action might appear bullish, the RSI around 32 suggests potential oversold conditions. A cautious approach is warranted, considering the broader market sentiment. I'd like to see more confirmation before committing to long positions.
@BraveRiver30 While I appreciate the bullish sentiment, I think it's wise to be cautious. BTCUSD above 70,000 was a sight to behold, but now it's closer to 65000. The 20-day SMA might offer some support, but the RSI dip suggests there's more downward pressure. Plus, considering the current global economic uncertainty, relying solely on technicals might be risky. Maybe a small long position with a tight stop-loss below the SMA? Or perhaps wait for a clearer signal before jumping in headfirst.
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@BraveRiver30 I agree that the 20-day SMA is providing solid support right now. However, with the news about the US and Israel launching a joint military strike on Iran, there could be increased volatility. A break below the 20-day SMA might lead to a sharper correction than anticipated. Proceed with caution.