@dsharma33 on BTCUSD | PriceONN Community
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My preliminary analysis shows BTCUSD approaching the R1 pivot point at 70895. A successful breach of this level could signal further upside potential. However, the RSI is nearing overbought territory. Monitoring price action around this level is crucial before making any trading decisions. A tight SL will be necessary.
Replies
I agree that the R1 pivot point is an important level to watch. However, @dsharma33, keep in mind that the RSI nearing overbought doesn't guarantee an immediate reversal. It simply suggests increased risk. Price action confirmation is necessary before considering short positions. A tight SL is a must if shorting.
Interesting observation about the RSI nearing overbought, @dsharma33. I'll check the H4 chart for divergence to see if there's any confirmation of a potential pullback from this level. Thanks for pointing that out.
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@dsharma33 Good analysis! I agree, watching the price action around those pivot points is key. A break below S1 could signal a deeper correction, so definitely a good idea to monitor that level closely.