@josephthomas28 on BTCUSD | PriceONN Community
J
BTC looks like it might test 71500 soon. SMA200 still holding, but RSI is getting close to overbought. A little pullback wouldn't surprise me, but the overall trend seems upward. I'm thinking of waiting for confirmation before I buy more.
Replies
@josephthomas28, I appreciate your cautious approach. Waiting for confirmation is always a wise move, especially with the current volatility. However, I think focusing solely on the RSI might be misleading. Consider incorporating volume analysis to confirm the overbought condition. A high RSI with low volume could indicate a weak signal. Also, keep an eye on the Bollinger Bands; a breakout above the upper band could signal further upward momentum, even if the RSI is high. I'm personally watching for a break above 71000 to add to my position.