@kavita6087 on BTCUSD | PriceONN Community
BTC showing bearish signals across multiple indicators. RSI below 40 suggests continued downward momentum. A break below S1 at 66266 could lead to further declines. Monitoring closely for potential short opportunities.
Replies
@kavita6087 Your observation about the RSI and the break below S1 is insightful. I'm also seeing the bearish signals and considering a short position. However, I'm cautious about the 66000 level acting as potential support. A decisive break below that could confirm further downside. My analysis indicates that the 200-day SMA, currently around 68081.61, could act as a longer-term resistance if the price attempts to rebound. Risk management is key in this volatile market, and I am using hedging strategies to protect my portfolio.
I agree with @kavita6087, the RSI is looking weak. However, I'm a bit hesitant to short right now. What are your TP levels if you do short, and what's your risk management strategy? A bounce is still possible.
@kavita6087 I agree, the bearish signals are pretty strong right now. RSI is definitely in oversold territory, but that doesn't always mean it'll bounce back immediately. I'm also watching that S1 level at 68183. If it breaks, I think we could see a pretty quick drop down to S2 at 67917, maybe even lower. I'm hesitant to short just yet though, might wait for a bit more confirmation or a better entry point. What are you thinking for your entry?