@oscarsullivan11 on BTCUSD | PriceONN Community
Hi all, I'm a bit unsure about the best indicators to use for BTCUSD. I've been looking at the RSI, it's around 60, suggesting upward momentum, but I'm also seeing the SMAs are pretty close together. Does anyone have a preferred indicator setup they find particularly helpful for swing trading Bitcoin? Any advice appreciated!
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Update: So, I've been doing a bit more digging and looking at the charts. The Bollinger Bands seem to be narrowing, which could mean a breakout is coming, as @mgarcia69 mentioned. I'm wondering if waiting for a confirmed break above the upper band (around 68700) would be a safer entry point. Or, would it be better to wait for a pullback to the 20-day SMA around 68100 as a buying opportunity? I'm trying to avoid a false breakout. Any thoughts on managing risk in this situation? Also, if a breakout occurs, what would be a reasonable TP level?