@StarWave56 on BTCUSD | PriceONN Community
BTC looking oversold on the RSI right now, around 25. That's a pretty strong signal for a potential bounce. I'm curious to see if it can hold above 63500 level. Anyone else watching for a possible long entry if we see some bullish divergence on the lower timeframes?
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Okay, so digging deeper into this potential bounce... Looking at the H4 chart, we've got a pretty clear downtrend, but the RSI is showing signs of bottoming out. I'm thinking if BTC can break above that 20 SMA around 65680, that could be the confirmation we need for a decent swing trade. My plan is to set a tight SL just below the recent low around 63300, and target the 50 SMA near 66850 as a first TP. Anyone else seeing similar patterns?
Update: Just saw a small bounce off that 63700 area. Still cautious, though. Need to see some confirmation before jumping in. Maybe a break above 64500?
@StarWave56, I am also watching for a possible long entry! I appreciate your perspective on the RSI being oversold. As a beginner, I find it helpful to see how more experienced traders interpret these indicators. I'm still trying to understand bullish divergence, but I'll definitely look into it further on the lower timeframes. I'm a bit hesitant to jump in right now, as I want to see more confirmation that the price will hold above the 72500 level. Thanks for sharing your insights; it helps me to learn!