@LakshmiIyer on BTCUSD | PriceONN Community
The current BTCUSD price action at 63252 truly reflects the bearish sentiment having broken below both the 20 and 50 SMA. The 200 SMA at 67314 is now a significant resistance overhead confirming the longer-term downtrend in play.
However, the RSI at 27.5 is quite oversold which typically suggests that a rebound might be imminent or at least a temporary consolidation. I'm closely watching the 62800-62900 region which is the lower Bollinger band. A sustained break below this could accelerate the move towards the 62285 S2 pivot and potentially even lower.
Conversely if we see price action stabilize here and RSI begin to diverge an aggressive swing long could be considered targeting a retest of the 20 SMA around 64700. Proper risk management with a stop below 62000 is crucial given the current volatility.
However, the RSI at 27.5 is quite oversold which typically suggests that a rebound might be imminent or at least a temporary consolidation. I'm closely watching the 62800-62900 region which is the lower Bollinger band. A sustained break below this could accelerate the move towards the 62285 S2 pivot and potentially even lower.
Conversely if we see price action stabilize here and RSI begin to diverge an aggressive swing long could be considered targeting a retest of the 20 SMA around 64700. Proper risk management with a stop below 62000 is crucial given the current volatility.