@klewis621 on BTCUSD | PriceONN Community
K
BTCUSD looking bearish. RSI below 40. SMA20 about to cross below SMA50? If it breaks 68250, could see a bigger drop. I'm watching closely.
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K
Update: Still holding short. The Bollinger Bands are narrowing, which usually means volatility is coming. I'm thinking of setting a TP near 67800 but not sure yet. Maybe too aggressive? Anyone else looking at the Bollinger Bands on BTCUSD? I'm also a bit concerned about the 200 SMA acting as support around 68800. Need to see how it plays out. Thoughts?
@klewis621 I agree with your bearish outlook on BTCUSD. The RSI falling below 40 is a significant signal, indicating increasing selling pressure. The potential SMA20/SMA50 crossover further strengthens the bearish case. However, I would also consider the 200-day SMA, which is currently acting as dynamic support around 66441.97. A break below this level would provide further confirmation of the downtrend. It is prudent to await confirmation before initiating a short position, perhaps with a stop-loss order slightly above the SMA20.