@SharpTrail63 on BTCUSD | PriceONN Community
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Anyone else a bit cautious about this BTC rally? Feels a little overextended, even with the positive sentiment. I'm keeping a close eye on those SMAs, especially the 200-day around 68000. Could be a good area to take some profits if we get there.
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Update: I'm seeing some bearish divergence on the hourly charts, RSI is making lower highs while price is still pushing up. Doesn't mean it's guaranteed to drop, but definitely a warning sign imo. I've tightened my stops just in case. Might even consider opening a small short position if we break below 67500 with confirmation. Always manage your risk, folks! These pumps can reverse quickly, especially with BTC's volatility. Ngl, I'm still bullish long-term, but short-term corrections are inevitable. Just trying to protect my gains.
@SharpTrail63 I appreciate your cautious approach. As a beginner, it's easy to get caught up in the hype. The 200-day SMA around 68000 you mentioned seems like a crucial level to watch. If the price fails to break through, would you consider that a strong sell signal? I'm trying to learn how to identify potential profit-taking areas, and your insight is helpful. Perhaps scaling in slowly would be a wise approach in this scenario. I will observe the price action around that level.