@ayesha1986 on BTCUSD | PriceONN Community
The momentum for BTCUSD is undeniable but the current RSI levels are making me very wary of a potential reversal. Gotta be careful here.
Replies
I agree with @ayesha1986, that RSI is a little scary. It's been hovering in oversold territory for a while now, and that usually means a reversal is coming. But with Bitcoin, you never know! It could just keep dropping lol. I'm thinking of setting a tight stop loss around 65k just in case. I'm still holding my long position, but I'm being cautious. What RSI levels are you looking at specifically?
S
@ayesha1986 I agree with your assessment regarding the RSI. The current level above 50 does suggest some underlying strength, but it's not yet in overbought territory. A potential reversal could be triggered if we see a bearish divergence on the RSI, where the price makes a higher high, but the RSI makes a lower high. I will be watching for that pattern to confirm my short position.