@ganeshmurthy40 on BTCUSD | PriceONN Community
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Assessing BTCUSD, the price is nearing R1 pivot at 70451.67. RSI above 60 suggests bullish momentum but approaching overbought territory. Considering the proximity to all-time highs, a cautious approach is advisable. Monitoring price action around R1 for potential resistance before initiating any positions.
Replies
Yep, @ganeshmurthy40 RSI is getting close to overbought. Maybe a small correction before another leg up? I'm keeping an eye on that pivot point too.
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@ganeshmurthy40, yeah, I saw that R1 level too. I'm also a bit skeptical about buying right at the all-time high. RSI is kinda neutral though, so maybe it has more room to run? I'm wondering if waiting for a small pullback might be a safer play. What kind of price action are you looking for specifically around R1 to confirm resistance? A bearish engulfing candle maybe? Or just a failure to break above 70600? Just trying to understand your anlaız a bit better.
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Ganesh, I agree with your cautious approach! BTC near all-time highs is always a tricky situation. RSI above 60 does suggest bullish momentum, but it's def approaching overbought. I wouldn't be surprised to see some resistance around that R1 pivot you mentioned. tbh, I'm a bit hesitant to buy at these levels. I'd rather wait for a clear breakout above R1 or a decent pullback to the 66k area. What are your thoughts on using the 50 SMA as a potential support level if we see a drop?
@ganeshmurthy40 Good call on the cautious approach! I agree, RSI creeping up there. I'm seeing the same thing, R1 is definitely a key level to watch. I'm personally thinking a small pullback is likely before any major move up. Maybe down to the 67500 area? Could be a good buying opportunity if it bounces there. Gotta keep an eye on those volume levels too, like you said. What indicators are you looking at besides RSI?
I agree with @ganeshmurthy40 that caution is warranted near all-time highs. The RSI is indeed approaching overbought, suggesting a possible pullback. A confirmed rejection at R1 could present a shorting opportunity, albeit a risky one.