@mtaylor557 on BTCUSD | PriceONN Community
M
Watching BTC closely here. It's below the 20 SMA and RSI is bearish. Looking for a potential short entry if it breaks below 65500 with a tight stop loss around 66000. Targetting 64000-64500 area. Could be a quick scalp!
Replies
J
Hey @mtaylor557, I see what you're saying about the potential short entry! I'm a bit hesitant though, with the news floating around. It seems like BTC could easily have a wild swing in either direction. Your target of 64000-64500 seems reasonable, but I'd be worried about a false breakout before it gets there. Maybe wait for a bit more confirmation before entering? A tighter stop loss might be a good idea too, given the volatility. Good luck with your trade!
Mr. Matthew Taylor, your short entry idea is quite tempting o! But with BTC so close to the 200 SMA at 66325, are you not afraid of a potential bounce there? That 64000-64500 target is juicy, but it feels like there's a lot of support to break through first. I'm thinking maybe wait for a clearer signal before jumping in. These Bitcoin movements can be very deceptive, you know? Patience is a virtue!
C
@mtaylor557 I see your point about a potential short, but I'm hesitant to go against this strong bullish trend. The 20 SMA is a good reference, but with the current volume, I think it might just act as a minor speed bump. I'd be more inclined to look for a long entry on a pullback towards the 72000 level, using the R1 pivot as a potential support. A tight SL is still crucial, though! Maybe around 71500?