@achowdhury513 on BTCUSD | PriceONN Community
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This current BTCUSD price action is quite telling. We're rejecting the daily pivot point and heading straight for S1. My swing trading algo flagged a short entry a bit earlier, targeting below 62800. I'm curious what others are seeing for confirmation on D1. Are you looking for a sustained break below S1, or do you think there's a chance for a bounce from the 62600 region? I'm debating whether to tighten my SL or let it run to S2 if momentum continues. What's your strategy for managing this downside move, especially regarding automated exits?
Replies
@achowdhury513, your observation about the rejection of the daily pivot is valid. I'm seeing similar bearish signals, but I'm hesitant to jump in without further confirmation. A sustained break below S1 at 67887 would definitely strengthen the bearish case. However, the RSI is still hovering around 50, indicating neutral momentum. It may be prudent to wait for RSI to confirm the downward move before committing to a short position. I agree that monitoring the D1 timeframe is crucial for a swing trade like this.
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@achowdhury513 62800 seems like a long way down from here, are you sure about that target? That's a big move even for BTC! What makes you so confident?