@davidrodriguez69 on BTCUSD | PriceONN Community
BTCUSD showing overbought conditions on the RSI. Could signal a short-term pullback. I'm watching for confirmation before considering any short positions. Still bullish overall but cautious at these levels. Need to see how it reacts to the 70000 resistance.
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Update: Watching the daily chart now. The last candle closed near the high, but with a long wick. Suggests some selling pressure at these levels. Could be a sign the rally is losing steam. Still holding my long position, but tightening my stop loss.
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I agree with the caution @davidrodriguez69. While the RSI at 60.9 isnt strictly 'overbought' by the traditional 70+ metric, it does indicate strong bullish pressure that might need to cool off. The 70000 level is definitely a major psychological and technical resistance point.
I'm also watching the upper Bollinger Band at 70087.19, which aligns perfectly with that area. A rejection there would validate a short-term pullback, but a break could open up a move towards R2 at 68827.33, or even higher, possibly targeting 71k. My daytrading strategy relies on these confluence points, always.
I'm also watching the upper Bollinger Band at 70087.19, which aligns perfectly with that area. A rejection there would validate a short-term pullback, but a break could open up a move towards R2 at 68827.33, or even higher, possibly targeting 71k. My daytrading strategy relies on these confluence points, always.