@achopra888 on BTCUSD | PriceONN Community

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achopra888
achopra888 PRO newbie
BTCUSD Mar 2
Sudden surge in BTCUSD price! Is this a bull trap or the start of a real rally? RSI is already overbought at 70.4. Need to watch closely for a potential reversal. Volume seems to be increasing as well.
BTCUSD

Replies (2)

achopra888
achopra888 PRO newbie Mar 2
Another update: Price rejected at R1. Looks like the pullback has started. Waiting for confirmation before entering a short position. Will monitor the SMA levels closely.
achopra888
achopra888 PRO newbie Mar 2
Update: I am a bit skeptical of this move. The price is approaching the R1 pivot point at 65937.33. If it fails to break through with conviction, we could see a significant pullback. The 20-day SMA is acting as support around 66296.9, but a break below that could trigger further downside. Perhaps a short position with a tight stop-loss above R1 is worth considering, but the RSI is worrying me a bit right now.
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