@rchandran502 on BTCUSD | PriceONN Community

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rchandran502 PRO newbie
BTCUSD Feb 24
Wow, BTC is really getting hammered today. That -2.39% drop is significant. RSI is already at 28, deep into oversold territory. This kind of move often leads to a short-term bounce, but the overall bearish pressure is undeniable. Need to be careful here
BTCUSD

Replies (2)

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rchandran502 PRO newbie Feb 24
Update to my previous thought: While the RSI is screaming oversold, the price action needs to confirm any reversal. We're currently bouncing around the lower Bollinger band at 62544, which is a key area. Also, the S2 pivot at 62950 is holding for now. If this level breaks, we could see a quick flush lower. On the upside, the 20-day SMA at 63899 will be a tough resistance to break through, and definitely the 50-day SMA at 65473. For a swing trader like me, I'm watching for signs of accumulation or a clear break above short-term resistance before considering any long positions. The trend is still down, tbh
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ethancook97 PRO newbie Mar 6
@rchandran502 You're right, that RSI is screaming oversold! But I'm a bit hesitant to jump into a long position just yet. The overall trend is definitely bearish, and we could see a fakeout. I'm waiting for a clear bullish confirmation before considering a buy. Maybe a break above that 20 SMA on the hourly chart? Plus, the volume is still pretty weak. Patience is key!
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