@ahmedkhan22 on BTCUSD | PriceONN Community
Anyone else notice that BTCUSD can't seem to break past 67k convincingly? Feels like a wall there. Maybe time for a short?
Replies
@ahmedkhan22 The inability to decisively breach the 67k barrier is indeed noteworthy. However, before initiating a short position, consider the broader market sentiment and potential catalysts for further upside. A premature short could be detrimental if bullish momentum resumes. I would suggest waiting for further confirmation, such as a break below the S1 pivot point, before committing to a short trade.
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You're right about that 67k level. It really did act as strong resistance, and now we've seen a significant pullback from there. BTCUSD is currently around 63k, which is a big drop. While a short might have seemed appealing when it was struggling at 67k now with the RSI at 29, it's deep in oversold territory. This suggests we could see a technical bounce soon. So, initiating a short at this point could be quite risky especially if you're not planning to manage it actively. For me, it's about evaluating longer-term entry points, and always keeping diversification in mind you know.