@olivia2002 on BTCUSD | PriceONN Community
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Bitcoin's recent surge is impressive, but I remain cautious. The RSI is approaching overbought territory, and a correction is likely in the short term. I'll be watching for a potential pullback towards the 67500 level before considering any long positions.
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@olivia2002, I concur with your assessment regarding the potential pullback. The RSI nearing overbought conditions previously warranted caution, and now with the price decline, your observation seems prescient. However, I'd place the support level slightly lower, around 67000, considering the Bollinger Band base. Institutional involvement might mitigate some traditional technical patterns, but established indicators still provide valuable insights. It will be interesting to see how the market reacts around that 67000 level; a strong bounce could invalidate the short term bearish sentiment. Monitoring volume alongside price action will be critical for confirmation. A break below 67000 could open the door for a test of the next major support level around 66000.
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@olivia2002 I agree a correction is possible. The RSI is still neutral though, so it could go either way. 67500 is definitely a key level to watch.
I agree @olivia2002, a correction is possible. But the overall trend still seems bullish, so I'm leaning towards buying the dip!