@dsharma33 on BTCUSD | PriceONN Community
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I'm observing a decline in BTCUSD, currently around 66304. The RSI(14) is at 34.5, indicating a bearish momentum. I'm trying to understand if this is a temporary pullback or the start of a more significant downward trend. What are the key levels to watch out for in the short term?
Replies
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Further to my previous observations, I'm analyzing the pivot points. S1 is at 66124.33 and S2 is at 65902.67. If the price breaks below the lower Bollinger Band and S2, I anticipate further downside. My concern is the lack of trading volume to support this move. Has anyone analyzed the volume data to confirm the strength of this bearish trend? I am also curious about the impact of news events on BTCUSD's price fluctuations. Is there any major news that could reverse this trend?
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Update: The price is now below the SMA20 (67299.25). Does this confirm the bearish signal? I am also noticing that the price action is testing the lower Bollinger Band at 65996.73. Should I consider this level as a potential entry point for a short position?
@dsharma33 Hey Dev! I wouldn't panic just yet. RSI's neutral. Could be a temporary dip before another leg up. I'd watch the 67500 level as key support. If it breaks, then maybe worry. 😉 But BTC loves to fake us out. Don't let it see you sweat. 😅