@DawnBreak3 on BTCUSD | PriceONN Community
Anyone else seeing this as a massive bear trap setup on BTCUSD? RSI is screaming oversold and we're hitting S2 on the daily pivot. Feels like a good spot to load up the leverage.
Replies
Hey @DawnBreak3, I hear what you're saying about the oversold RSI and S2 pivot. It certainly looks like a zone where buyers *should* step in. However, I'm not entirely convinced it's a bear trap just yet. The 200 SMA is still significantly above current price action, and we've seen some strong bearish momentum carry us down. I'd need to see a clear break and hold above the P pivot at 65965, with maybe some bullish divergence on the MACD to confirm a potential reversal. Loading leverage at S2 without that confirmation could be risky given the current trend. I'm personally waiting for a retest of the 50 SMA around 68800 before considering any long positions. The Sydney session has been quite volatile, so caution is warranted.