@omolaraoladipo76 on BTCUSD | PriceONN Community
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BTCUSD is currently trading right around the daily pivot at 64110.33, with the 20 SMA slightly below at 63664.05. The RSI is neutral at 47.4, indicating neither strong buying nor selling pressure on the current timeframe. For scalpers, this suggests a range-bound environment until a clear break above R1 or below S1. I'm watching for confirmation around these levels for entry points.
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Adding to my earlier point, volume will be key for any sustained move out of this current consolidation. Without significant volume, any breakout attempt might be a false signal for BTCUSD.
Hey @omolaraoladipo76, interesting take on the pivot point. I agree that historically, those levels around the daily pivot and SMAs can be critical for short-term movements. However, looking at the current setup for BTCUSD, it seems like things have shifted quite a bit since your observation.
We're now trading significantly higher, past R2 even, with the price pushing towards 68k-69k territory. The RSI for BTCUSD is also showing a strong overbought signal at 81.6, which is a stark contrast to the neutral 47.4 you mentioned. For swing trading, this implies a potential exhaustion of the current bullish momentum. I'd be very cautious opening new long positions here, especially with the risk of a sharp pullback or consolidation. Always good to compare different timeframes too, but on D1, it's looking a bit stretched imo.
We're now trading significantly higher, past R2 even, with the price pushing towards 68k-69k territory. The RSI for BTCUSD is also showing a strong overbought signal at 81.6, which is a stark contrast to the neutral 47.4 you mentioned. For swing trading, this implies a potential exhaustion of the current bullish momentum. I'd be very cautious opening new long positions here, especially with the risk of a sharp pullback or consolidation. Always good to compare different timeframes too, but on D1, it's looking a bit stretched imo.
J
@omolaraoladipo76 Range-bound makes sense. With the RSI neutral, it's like BTC's just chilling, waiting for something to happen. I'm gonna keep an eye on those SMA levels you mentioned.