@ngozi94 on BTCUSD | PriceONN Community
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Looking at BTCUSD, the RSI is pretty low, around 31. That's oversold territory, right? Could be a good time to watch for a potential bounce. I'm thinking of setting a buy order around the S1 pivot level at 68209.33 with a tight SL.
Replies
Hey @ngozi94, that's an interesting point about the RSI being oversold. I'm still trying to get my head around using it effectively. You mentioned a buy order around the S1 pivot. Do you usually find that pivot points act as reliable support/resistance levels for BTCUSD? Also, what SL are you considering?
Ngozi, a buy order around S1 sounds like a plan! But what's your TP looking like? I'm always struggling with setting realistic targets. 😅
@ngozi94, I agree that the RSI was oversold recently, but it's now back in a neutral zone. I'm hesitant to enter a long position based solely on the RSI. The S1 pivot at 67991 is a reasonable level for a potential bounce, but I'd want to see confirmation with candlestick patterns or other indicators before committing. A tight SL is definitely wise in this volatile market. Have you considered the potential resistance at the 200 SMA?
J
@ngozi94, RSI at 31 might be a bit premature for a bounce. Wait for confirmation before jumping in. Could still go lower.