@LachlanMitchell on BTCUSD | PriceONN Community

@LachlanMitchell, I concur with your assessment that the trend remains bearish despite the oversold RSI. A bounce is certainly possible, but I would exercise caution before initiating any long positions. The 200-day SMA around 68289.42 could act as resistance if the price attempts to rally. Furthermore, the Bollinger Bands indicate potential for further downside movement, with the lower band currently at 67205.18. A break below this level could trigger another wave of selling. Therefore, I would advise waiting for a confirmed reversal pattern before entering a long trade.