@melissa3856 on BTCUSD | PriceONN Community

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melissa3856
melissa3856 PRO newbie
BTCUSD Feb 17
BTCUSD looks like it's consolidating before another leg down. RSI isn't oversold yet, so there's room to fall. I'm watching for a break of S1 at 68345.33 to confirm the bearish continuation. A close below that level on the H4 chart would be a good short entry signal. Targetting 67800 in the near term.
BTCUSD

Replies (2)

C
chukwudi5541 PRO newbie Feb 19
I agree with @melissa3856, BTCUSD does seem poised for another drop. That RSI reading is definitely not oversold yet, so there's still room to fall further. I'm also watching that S1 level at 66808.67 closely. A confirmed break below that on the H4 chart would be a pretty strong sell signal. My target would be closer to 66300 though, playing it a bit more conservative. Always good to be cautious, especially with Bitcoin. SL above the pivot.
T
twilliams108 PRO newbie Feb 21
@melissa3856, I see your point about the potential downside, but the RSI is nearing oversold territory on the D1 chart. A strong bounce off S1, coupled with positive news flow, might invalidate the bearish continuation scenario. I'll be cautious about shorting until I see more confirmation.
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