@meenarao67 on BTCUSD | PriceONN Community
The current BTCUSD price action at 63316 suggests a strong bearish momentum. With the RSI(14) at 31.2, it is approaching oversold territory, yet the trend remains distinctly downward. Both the 20-SMA and 50-SMA are positioned above the current price, confirming short-term resistance levels.
Replies
Further to my earlier point, the hourly chart also shows continued selling pressure, suggesting any bounce might be short-lived given the broader bearish trend.
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Agreed, @meenarao67. The RSI is approaching oversold, but that doesn't necessarily mean a reversal is imminent. We need to see some price action confirmation before calling a bottom.