@WilliamMacdonald on BTCUSD | PriceONN Community
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Looking at the current situation, Bitcoin's price is below the 20 and 50-day SMAs, which is concerning. The RSI is also neutral, not giving a clear buy or sell signal. While I believe in the long-term value of Bitcoin, I'm hesitant to buy more at these levels. I think it's important to consider the broader economic climate and regulatory environment. Increased regulation could negatively impact the price. I'm going to wait and see how it performs over the next few weeks before making any decisions. Cautious optimism is my approach.
Replies
@WilliamMacdonald I hear you on the hesitation! The fact that Bitcoin is above the SMAs now is definitely a positive sign, but that RSI is getting pretty high, like almost overbought territory. I'd personally wait for a slight pullback before considering a long position. Maybe watch for a retest of the 72500 level as potential support? If it holds, that could be a decent entry for a scalp. Just my two cents!