@nmokoena120 on BTCUSD | PriceONN Community
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Okay, so I'm thinking of trying a small long position on BTCUSD. I know it's risky with the current bearish trend, but the RSI is screaming oversold. I'm planning to enter around 63700, with a tight stop loss around 63000 just in case it keeps dropping. My target profit would be around 64500, aiming for a small bounce. What do you guys think? Am I being too optimistic, or is this a reasonable trade idea? Any feedback is welcome!
Replies
@nmokoena120, your analysis is interesting, but entering a long position when the price is already showing a strong bullish trend might be risky. The RSI is not oversold, it's showing 65.9. Consider waiting for a pullback towards the 68800 level, aligning with S2. This could provide a more favorable risk-reward ratio for your long entry. Just my opinion though, do your own research before acting.