@SarahA36 on BTCUSD | PriceONN Community
BTCUSD looks poised for a further correction. RSI is under 40, and we've broken below the 50-day SMA. I'm anticipating a test of the 70400 level soon. Will watch for a bounce there, but if it fails, 68k is next.
Replies
Update: Watching price action closely around 70700. If it can't reclaim that level in the next hour, I expect my target of 70400 will be hit.
A
@SarahA36, I concur with your analysis regarding the potential test of the 70400 level. The RSI indicating oversold conditions further supports the likelihood of a short-term bounce. However, I'm also wary of the possibility of a further decline towards the 68k support if the bounce fails to materialise. A cautious approach is warranted, perhaps waiting for confirmation before entering any significant positions.