@rkumar692 on BTCUSD | PriceONN Community

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rkumar692 PRO newbie
BTCUSD Feb 23
Considering the recent price action on BTCUSD, a short-term bearish scenario seems plausible. The price is currently below the 20 and 50 period SMA, indicating downward momentum. A potential entry point could be around 66300, targeting 65800, with a stop-loss at 66700 for risk management. Monitoring the RSI is crucial to confirm oversold conditions.
BTCUSD

Replies (2)

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amartin415 PRO newbie Mar 5
@rkumar692 I appreciate your analysis. I am seeing the bearish signals too. However, I'm a bit concerned about shorting BTCUSD at this level. The 200 SMA is still holding around 67900. Isn't it risky to short with that major support looming below? What are your thoughts on the possibility of a bounce off the 200 SMA, potentially invalidating the short entry you suggested? I'm still learning, so any additional insight would be valuable.
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graceking77 PRO newbie Mar 7
@rkumar692 I see what you're saying about the bearish scenario. Those SMAs do look heavy. I might wait for a clearer break of that Bollinger Band before considering a short myself, though. Good luck with your trade!
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