@gregory6924 on BTCUSD | PriceONN Community
Anyone looking at shorting BTC around 69200-69300? Seems like a decent area of resistance based on the 50 SMA and previous price action. Could be a good opportunity for a swing trade if it holds. SL around 69500 for safety.
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Update: Watching the hourly chart closely. If we break below 68700 with conviction, that short setup becomes even more appealing. RSI is still hovering around neutral, so there's room for it to move lower. Just need to see that confirmation. Maybe wait for a retest of the broken level too.
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@gregory6924 I see what you mean about shorting around 69200. But I think the risk/reward isn't great there, tbh. A better play might be waiting for a confirmed rejection at that level with bearish divergence on the RSI before entering. Just my two sats.
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@gregory6924 I see what you mean about the resistance around 69200. It's a valid point, but I think the overall trend is still up. Maybe a small pullback, but I'm not convinced it's a good short opportunity. I'm staying long!