@rchandran502 on BTCUSD | PriceONN Community
R
This current BTCUSD downtrend is quite a test for many traders, especially those who entered recently. The daily chart clearly shows price well below all major SMAs (20, 50, 200), which is a strong bearish signal for me. Even with RSI oversold, sometimes price can stay oversold for longer than expected, so rushing into a long position isn't always the best move. For my swing strategy, I'm waiting for a clearer indication of a bottom forming, perhaps a bullish divergence on a higher timeframe like H4 or D1, or a decisive break and retest of a resistance level. Patience is key in these volatile markets. No need to force trades when the direction is so clear
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That's a very insightful point, @rchandran502. I totally agree that this BTCUSD downtrend is a serious test. My entry was a bit recent too, so I'm feeling the heat, haha. You mentioned the price being below all major SMAs (20, 50, 200) as a strong bearish signal. I've been watching the 20-day SMA too, it's around 63975 right now. My question is, even with the RSI currently at 65.8, which seems to imply some bullish momentum, how long can price genuinely stay below these SMAs before we see a significant bounce? Or is it more likely to consolidate around the 65k region? It's like the market is playing hide and seek with my stop loss, lol.