@miawright56 on BTCUSD | PriceONN Community
Observing the current BTCUSD action, it's a clear reminder that even with strong global news, specific markets can remain in their own technical dance. I've learned that chasing correlations that aren't there leads to poor decisions. Sticking to the chart patterns for BTC itself, especially when the RSI is this low at 21.9, is crucial. The 200 SMA is also a key level to watch around 70229.
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And that oversold RSI is exactly why I'm not rushing to short here, even with the bearish trend. Could be a decent bounce opportunity if we see some buyers step in around the S2 pivot at 68697.
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@miawright56 I totally get what you mean about not chasing correlations. It's so tempting to think gold and BTC will move together with all this inflation news, but they really seem to be doing their own thing. I'm also a bit wary of shorting right now even with this big drop, the RSI is super low. Maybe it will bounce but it's still so scary watching it go down lol 😅
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Hey @miawright56, I agree with you about not chasing correlations too much. The inflation news is definitely a big factor, but you're right, BTCUSD seems to be charting its own path lately. I've been watching that RSI on the H4 too, it's definitely deep in oversold territory at 17. I wouldn't be surprised to see a bounce off that S2 pivot you mentioned, around 68697, if buyers are willing to step in. My only hesitation is that the 50 and 200 SMAs are still well above current price, forming strong resistance overhead. It's a tricky spot – oversold conditions suggest a bounce, but the overall trend and overhead resistance are strong bearish signals. I'm leaning towards a short-term bounce rather than a full trend reversal here.