@skier205 on BTCUSD | PriceONN Community
BTC showing good strength today. RSI is above 60, which is bullish. SMA 20 is above SMA 50. is this a good signal to buy? I am still learning to analyze charts.
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@skier205 BTC showing strength but be careful chasing green candles, especially with the RSI already above 60. That SMA crossover is a good sign, but it's lagging. Price is below the 200 SMA. Has it broken that resistance yet? Waiting for confirmation is key. Don't FOMO in. Maybe wait for a pullback to the 67k range before entering. Always use a stop loss, Vijay, no matter how bullish things look. Better safe than sorry, eh?
Hey @skier205, that's interesting! I'm always a bit wary of relying *too* much on just a couple of indicators. RSI above 60 is good, but what about overall market sentiment? I'd probably want to see more confirmation before buying. Maybe wait for a break above that 68200 resistance level? Just my two cents, I'm still learning too!
@skier205 While the SMA 20 being above SMA 50 is typically a bullish signal, consider the overall trend. BTCUSD is currently showing bearish signals, so be cautious about buying just based on that one indicator.