@ChristopherW82 on BTCUSD | PriceONN Community
Anyone else think BTC is gearing up for another run? The 20 and 50 SMAs are still pretty close, and RSI is above 60. I'm curious to hear how confident other people are feeling about holding through the weekend. What's the general sentiment? Any bears out there?
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Update: Just saw the 200 SMA is hanging around 67997.27. Might be a resistance point to watch... thnk i'll set a tighter stop loss just in case.
No confidence here, @ChristopherW82. This is a clear downtrend. Sentiment is bearish until we see a strong break above the 50 SMA.
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@ChristopherW82 Hello Christopher! It's great to hear your perspective. I am also quite enthusiastic about the potential for BTCUSD! However, looking at my charts, the current RSI(14) is actually quite low at around 25.6, indicating oversold conditions, not above 60. This makes me wonder if a rebound is more probable than a further immediate drop. Also, the 20 and 50 SMAs are currently at 64877 and 66149 respectively, which seems a bit far from the current 63243 price. I am trying to understand how these indicators might suggest an upward run given the current bearish trend. What factors are you observing that suggest an upward movement? I am eager to learn more about your analysis!