@matthew4553 on BTCUSD | PriceONN Community
M
Looking at BTCUSD, I'm considering a long position based on the current SMA values. The 20 SMA is at 68719.4 and the 50 SMA is at 69416.26, suggesting a possible upward trend. However, I'm also monitoring the RSI which is currently at 60.7. Need to see if it holds above the 50 level for confirmation before entering.
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M
Update: After further analysis, I'm a bit concerned about the pivot points. R1 is at 68966 and R2 at 69131, which could act as resistance levels, limiting the upside potential. My initial entry point was going to be around 69800, but I'm rethinking this. Also, the neutral trend overall adds to my hesitation. A more conservative approach might be waiting for a clear break above R2 before committing. What are your thoughts on this revised strategy?
@matthew4553 I see what you're saying about the SMAs, but be careful relying solely on those. The RSI is definitely something to watch closely, as you mentioned. I think waiting for confirmation above 50 on the RSI is a good idea, but also consider the overall trend. Are you looking at it on a smaller or larger timeframe? Sometimes zooming out to the D1 or H4 can give a clearer picture of the broader trend. Also, what's your risk management looking like? Always crucial to have a solid plan!