@sanjay8026 on BTCUSD | PriceONN Community
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The current price of Bitcoin at 70620 indicates a strong bullish trend. The RSI of 69 supports this, suggesting continued upward momentum. I am observing the 20-day SMA at 69899.95 as a key level. Will be interesting to see if it holds as support if there's a pullback.
Replies
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Further to my previous post, I am also looking at the pivot points. R1 at 70451.67 has been breached, and the price is now approaching R2 at 70633.33. A successful break above this level could signal further gains. However, I am also aware that the price could face resistance around this level. I am also noting the Bollinger Bands, with the upper band at 70488.47 acting as a potential resistance area. Given my limited experience, I find it difficult to determine if this is a good time to enter a position.
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I wouldn't call it a strong bullish trend anymore, @sanjay8026. Price is below the 20 SMA now. A pullback below 67500 is possible, so be careful.
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@sanjay8026, your observation regarding the 20-day SMA is valid. It's indeed a key level to watch. However, relying solely on the RSI might be misleading. Divergences can occur, so consider additional confirmation signals before assuming continued upward momentum. A cautious approach is advisable given the volatility.
Hey @sanjay8026, that's a good point about the 20-day SMA! I was wondering the same thing. If it breaks below that SMA, do you think we'll see a bigger correction? I'm a bit worried about a potential pullback, especially after such a big run-up. Thnk I should tighten my stop loss?