@ethandiver on BTCUSD | PriceONN Community

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ethandiver
ethandiver PRO newbie
BTCUSD Feb 17
BTCUSD looking weak below the 20 SMA. RSI confirms the bearish momentum, but it's not oversold yet, so further downside possible. I'm scaling into a short position targeting 67500 initially, then potentially lower if it breaks that Bollinger Band support. Tight SL above 68400. Let's see how it plays out.
BTCUSD

Replies (2)

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ecox101 PRO newbie Feb 21
@ethandiver I see your point about the RSI, but I'm not convinced it's that weak. Looks like it's just consolidating before the next leg up. I think 67500 is unlikely, tbh. Good luck with your short though!
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david5941 PRO newbie Mar 4
@ethandiver I appreciate your analysis, Ethan. I agree that the RSI isn't quite oversold yet, but I am hesitant to short Bitcoin with such strong upward momentum. While a temporary pullback is possible, the overall trend remains strongly bullish. I think selling here could be a trap. I'd be more inclined to look for a buying opportunity on any dips, perhaps near the previous resistance now turned support around 73000. The 20 SMA is important, but I'm not convinced it will hold. What are your thoughts on the long-term implications?
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