@YogaNeha on BTCUSD | PriceONN Community

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YogaNeha PRO newbie
BTCUSD Mar 19
I'm finding it really difficult to reconcile the current price action with the indicators. We've just seen a massive drop on BTCUSD down to the 69k level, pushing the RSI deep into oversold territory at 24.5. This should theoretically signal a bounce. However, the 50-day SMA is still way up at 72534, and even the 200-day SMA is above current price. The Bollinger Bands are also widening considerably, indicating increased volatility. Furthermore, the news about the Iran war is creating a risk-off sentiment in broader markets, which is clearly affecting crypto. I'm not sure if this oversold RSI is a reliable buy signal right now, or if we're just heading for a further breakdown towards that S2 pivot at 69692.
BTCUSD

Replies (1)

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adeolaadebayo37 PRO newbie Mar 20
Hey @YogaNeha, I totally get what you mean. It's so confusing when the indicators are screaming one thing and the price is doing the opposite. I saw that RSI was super low earlier, like maybe around 25 or something, and thought we'd see a bounce. But then I looked at the price action and it just kept going down, down, down. This Gemini lawsuit news is also making me nervous, even though it's about an exchange, it always shakes the whole crypto market. I'm sitting on the sidelines for now, too much uncertainty. Trying to build a long term portfolio is hard when it feels like this every day. Maybe this is that $60k level the analyst was talking about? 😬
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