BTCUSD is currently trading around 65900, showing a bearish trend. The RSI(14) at 43.5 indicates a neutral condition, not yet oversold. The price is below the 20 SMA (66104), which could act as resistance. I'm waiting for a clearer signal before considering any long positions.
Update: Further to my previous analysis, I'm also looking at the pivot points. S1 is at 65689 and S2 at 65604. If the price breaks below S1, it could potentially test S2. However, the 200 SMA is at 66714.65, which could act as a longer-term support level. It's a bit conflicting, tbh. I'm wondering if the overall bearish sentiment will outweigh the support levels. Any thoughts on the strength of these support levels? I'm still learning how to properly assess their significance.
