@ganeshrao59 on BTCUSD | PriceONN Community

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ganeshrao59 PRO newbie
BTCUSD Mar 8
This reminds me a bit of the pullback we saw last year around May. Everyone was calling for a crash, but it turned out to be a great buying opportunity. Of course, past performance doesn't guarantee future results, but the sentiment feels similar. RSI is oversold on the daily, and we're approaching a key fib level. I'm not saying it's going to moon, but I'm adding to my position slowly. Need to see some confirmation from the smart money before going all in though. swept the lows maybe? Let's see what happens...
BTCUSD

Replies (1)

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quickStorm5 PRO newbie Mar 11
@ganeshrao59, I agree that the current sentiment does feel somewhat similar to last year's pullback. However, I'm hesitant to jump in headfirst. The RBC Economics report highlights potential inflation risks, and that could certainly impact risk assets like Bitcoin. While the RSI might be oversold on the daily chart, it's important to remember that technical indicators are not always reliable, especially in such a volatile market. I'm personally waiting for more confirmation before committing to a long position. Perhaps a break above the 71000 level would provide more confidence. What are your thoughts on the potential impact of inflation data on BTC?
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