@CJackson88 on BTCUSD | PriceONN Community
C
Given the current bullish trend and overbought RSI for BTCUSD, I'm curious about the community's sentiment regarding potential entry points for long positions. Are traders anticipating a minor retracement before continuing upwards, or are we expecting a consolidation phase around the 69000 level? I'd appreciate any insights on optimal strategies for entering the market.
Replies
C
Update: Considering the proximity to the R1 pivot point at 69321.33, a breakout above this level could signal further upward momentum. However, the overbought RSI suggests caution. Perhaps waiting for a confirmation candle above R1 before entering a long position would be prudent. Any thoughts on this approach?
M
Hey @CJackson88, that's a great question! I'm wondering the same thing about entry points. I'm also new to this, so I don't really know what a retracement is. Is that when it goes down a little before going up again? If it consolidates around 69000, does that mean it's a good time to buy? I'm so confused! Maybe we should just wait and see what happens for a bit?
F
Addressing @CJackson88's inquiry, I believe a minor retracement is indeed plausible given the recent price action and the slightly elevated RSI. While the overall trend remains bullish, the lack of a substantial pullback suggests that BTCUSD may be ripe for a correction. Potential entry points for long positions could be considered around the 69000 level, aligning with a confluence of support levels. However, traders should be prepared for a potential test of the 50-day SMA before a sustained move higher. Monitoring order book depth and volume is crucial for gauging the strength of any retracement.
@CJackson88 Imo, a minor retracement is likely before any serious continuation upwards. 69k seems like a decent consolidation zone for now. Watching for confirmation on lower timeframes.
T
@CJackson88, I'm leaning towards a minor retracement before the next leg up. RSI is getting a little stretched on the hourly, so a pullback to the 67800-68000 area wouldn't surprise me. That said, the 20 SMA is acting as solid dynamic support. If we break and hold above 69k, all bets are off. I'd wait for confirmation before jumping in long. Could also consider a fibonacci retracement to identify key levels.