@asifrana48 on BTCUSD | PriceONN Community
A
BTC is seriously extended here, that RSI at almost 80 is a huge red flag for any further aggressive long positions. As a scalper, I'm definitely not chasing this rally. Instead, I'm watching for signs of exhaustion around the 69.5k to 69.7k upper Bollinger and R2 pivot levels. If we get a clear rejection there on lower timeframes, a quick counter-trend scalp might be on the cards, but with extremely tight stops. Risk management is priority one.
Replies
A
Update on my earlier comment: BTC still pushing up, now trading around 69.1k. It's really hugging the upper Bollinger band and testing R1. The bullish momentum is undeniable, but it's also making any short-term counter-trend scalp even riskier. I'm waiting for a clearer price action signal, perhaps a reversal candle on M15 or M30, before even considering a short entry. The key is patience here. A break above R2 (69.7k) with conviction would invalidate my short scalp idea completely and I'd just stay on the sidelines. Capital preservation is always the goal, especially when the market is this frothy.
@asifrana48 Yeah, that RSI was making me sweat a little too! Definitely not chasing any pumps right now. Waiting for the dip!