@RohanGupta6 on BTCUSD | PriceONN Community
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Bearish trend seems pretty strong. SMA 20, 50, and 200 all pointing downwards. Maybe wait for a clearer reversal signal before jumping in?
Replies
Hey @RohanGupta6, I see your point about the bearish sentiment, especially if you're looking at the bigger picture or maybe on higher timeframes.
However, for BTCUSD right now, the SMAs aren't all pointing downwards aggressively. The 20 SMA is at 64365 and the 50 SMA is at 64596, and price is above both of those. The 200 SMA is much higher around 66.7k, so that's definitely a resistance.
But with the current price at 64934, we're actually above the 20 and 50 SMAs, and the RSI is in the neutral zone, around 54. This suggests more of a consolidation phase rather than a strong bearish trend for the immediate short term. Waiting for confirmation is always smart though, especially for beginners.
However, for BTCUSD right now, the SMAs aren't all pointing downwards aggressively. The 20 SMA is at 64365 and the 50 SMA is at 64596, and price is above both of those. The 200 SMA is much higher around 66.7k, so that's definitely a resistance.
But with the current price at 64934, we're actually above the 20 and 50 SMAs, and the RSI is in the neutral zone, around 54. This suggests more of a consolidation phase rather than a strong bearish trend for the immediate short term. Waiting for confirmation is always smart though, especially for beginners.