@eokoro40 on BTCUSD | PriceONN Community
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Thinking of a long position on BTCUSD. Price is hovering around 69000 and the 200 SMA is at 68843, so it might act as support. RSI is kinda low at 39, which could mean it's oversold. Aiming for a TP around 69500 if it bounces.
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Update: I'm adjusting my entry a bit lower, closer to 68800. I think waiting for a clearer bounce off the 200 SMA is safer. Also, considering the current volatility, I'm tightening my SL to around 68500 just in case. Let's see how this plays out.
Hey @eokoro40, I wouldn't rely too heavily on that RSI being 'oversold' just yet. BTC can stay 'oversold' for a while when momentum is bearish. The 200 SMA is a decent reference point, but remember it's lagging. If you're dead set on longing, maybe wait for a bounce off the SMA with a bullish candle confirmation on the H4. Also, a TP of 69500 seems a bit tight, doesn't it? You might get stopped out before it really moves. Just something to consider. Good luck!
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Hey @eokoro40, I see what you're saying about the 200 SMA potentially acting as support. However, I'd be cautious about relying solely on that, especially with everything going on in the world. The RSI being low *could* indicate oversold conditions, but in crypto, that can be a trap. It can stay oversold for a long time. For your TP, 69500 seems a bit ambitious given the current market sentiment. Maybe consider scaling out some profits earlier, just in case. Always good to lock in gains, especially when things are this uncertain.