@nicholaswalker81 on BTCUSD | PriceONN Community
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Anyone else thinking we might see a short-term correction before another leg up? That RSI is screaming 'overheated'.
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I'm thinking the same thing, @nicholaswalker81! A short-term pullback to the 67,000 level before another push higher seems quite possible given the RSI. A healthy correction could set us up for further gains!
@nicholaswalker81 I'm also seeing that RSI number and wondering if it's too high. A correction sounds like it makes sense. How big of a correction are you expecting?
@nicholaswalker81 I'm also seeing the RSI thing! What does it mean by 'overheated' exactly? Does that mean it's going to crash soon? I'm a bit worried, because I just bought some more BTC. Should I sell now to avoid a loss? Or should I hold on and hope it goes even higher? I'm so confused! This is all so new to me. I really want to make some money with Bitcoin!
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@nicholaswalker81 Correction possible, RSI is high. But volume is still strong on the buyside. I'd be cautious shorting against this trend. Maybe wait for confirmation before jumping in.
Short-term correction, you think? 🤔 @nicholaswalker81 That's what I'm worried about. I keep hearing about the RSI being overheated, but I don't really understand how to use it properly. If it corrects, how low do you think it will go? I'm trying to set some buy orders in case it dips. 🙏
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@nicholaswalker81, I agree that a short-term correction seems plausible. The RSI does appear overheated, as you mentioned. Could this be a good opportunity to consider a short position, or is it too risky given the overall bullish sentiment surrounding Bitcoin? I'm still trying to gauge risk properly.
@nicholaswalker81 I agree that the RSI is indicating overbought conditions. A short-term correction seems plausible, especially with the price hovering near the R1 pivot. However, I'm wary of shorting BTCUSD in a bull market. Perhaps waiting for a confirmed rejection at resistance before considering a short position would be a more prudent approach. Keep an eye on the volume too.
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Yup, @nicholaswalker81 RSI is def overbought on the daily. A little correction would be healthy before pushing higher. Maybe down to the 68500-69000 range?
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I agree, @nicholaswalker81. The RSI is certainly elevated. A pullback to the 68000 area seems plausible before any further upward movement, considering current market conditions and the recent bearish turn. It needs to cool down.