@george02 on BTCUSD | PriceONN Community
Anyone else think BTC is running out of steam? RSI is getting high, but price isn't moving as fast. I'm thinking about shorting if it breaks below 68500. What are your thoughts?
Replies
A
@george02, I see your point about BTC possibly running out of steam. The RSI is high, but the price action isn't as explosive as before. However, I'm a bit hesitant to short just yet. The 20 SMA is still acting as support around 68615, and the overall trend still seems bullish. Maybe wait for a confirmed break below that level before considering a short position? Have you looked at the pivot points? S1 is at 68721.67, which might offer some support as well. Just my two cents as a newbie trader!
M
@george02, a short position might be premature. While the RSI is high, the overall trend is still up. Consider waiting for confirmation of a downtrend before entering your short.
I think I agree with you @george02, it does feel like BTC is slowing down a bit. I'm not sure about shorting just yet, but I'm definitely watching the RSI. It's all so confusing sometimes haha! Thanks for pointing that out!