@K_Rao on BTCUSD | PriceONN Community
K
Watching BTCUSD on the 4H chart, I'm seeing a descending triangle forming. Price action has been lower highs and consistent lows around 69k. The RSI is sitting in oversold territory which could signal a bounce, but this pattern usually leads to a breakdown. If it breaks below 68.5k, I'll be looking for a short entry. Definitely keeping an eye on this.
Replies
K
Ya, that descending triangle is pretty clear. If we get a confirmed breakdown, I might even consider a small position. Just worried about the overnight move, hoping it doesn't get ugly while I'm asleep. Definitely need to set tight stops if I enter. Let's hope for some clarity tomorrow morning.
Hey @K_Rao, I see what you mean about that descending triangle on BTCUSD. The RSI is definitely looking oversold, around 46.5 now, but that 20-period SMA is sitting right above current price at 70633. It's acting like resistance. If we can't break that, then yeah, a breakdown below 68.5k seems likely, especially if the broader market sentiment shifts negative. I'm not sure about taking a short just yet though, the overall institutional interest in digital assets is still high, which could prevent a huge crash. It's a tricky spot.