@lmenon943 on BTCUSD | PriceONN Community
BTCUSD is currently testing the waters around the 20-day SMA. RSI hovering around 46 suggests indecision. A bounce here could target the R1 pivot around 66427, but a break below could see it testing S1 at 66054. Watching for volume confirmation either way.
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Update: Looking at the H4 chart, a bearish divergence seems to be forming between price and RSI. This could indicate weakening momentum and a potential for further downside. I'm considering opening a small short position with a tight stop-loss above the recent high. Will keep an eye on the volume and price action for confirmation. Trade safely!
M
@lmenon943, agree with your analysis. The RSI indecision is key here. I'm also watching the 20-day SMA closely. A solid break below that level could confirm the bearish trend. However, the support around 65900 seems pretty strong. If it holds, we might see a bounce back towards the R1 pivot. I'm keeping an eye on the volume to confirm any potential breakout or breakdown. Might wait for more confirmation before making any major moves.