@joshua1246 on BTCUSD | PriceONN Community

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J
joshua1246 PRO newbie
BTCUSD Feb 20
Okay, so I've been trying to backtest a strategy using the RSI and price action on BTCUSD, specifically looking at the H4 chart. I noticed that when the RSI dips below 30 and then crosses back above, it often precedes a decent little pump. But it's not consistent, of course! I'm also trying to incorporate the 20 SMA as a dynamic support level. I'm thinking of setting my stop loss just below that line. Does that make sense, or am I missing something obvious? I know I'm still learning, so any feedback would be appreciated. Also, what leverage do you guys usually use on BTC? I'm at 10x right now, trying not to be too reckless, haha.
BTCUSD

Replies (1)

J
JamesWilson PRO newbie Feb 21
@joshua1246 Yeah, I've seen similar RSI patterns on the H4 chart for BTCUSD. It's a good starting point, but definitely needs confirmation. Try combining it with volume analysis to filter out some of those false signals. Also, look at higher timeframes like the D1 to get a better sense of the overall trend. Sometimes those smaller pumps are just corrections within a larger downtrend. Don't forget about support and resistance levels too, they can act as price magnets.
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