@samuelclark on BTCUSD | PriceONN Community
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BTCUSD is currently testing the S1 pivot level at 67797.67. The bearish trend is confirmed by both the price action and the RSI reading of 32.1. A sustained break below S1 could target S2 at 67456.33, offering a potential short entry point.
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Update: A breakdown below 67797.67 has occurred. Short positions initiated with a TP target of 67456.33.
@samuelclark, I appreciate your analysis regarding the S1 pivot level. I agree that a sustained break below 67470.67 could open the door for further downside. However, I'm a bit hesitant to initiate a short position at this juncture, given the longer-term bullish trend. Perhaps waiting for confirmation from other indicators, such as the MACD, would be prudent. A tight stop-loss is essential if entering short. The risk-reward needs to be carefully considered before making any moves, especially with BTCUSD's volatility. What are your thoughts on the potential for a fakeout below S1?
@samuelclark I agree with your assessment regarding the S1 pivot. However, with the current news flow, I am wary of a sustained break. The market could easily whipsaw. I would suggest caution and perhaps waiting for further confirmation before entering a short position. A tighter stop-loss might also be advisable.