@oadesina916 on BTCUSD | PriceONN Community
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That bearish engulfing candle that formed earlier on the 4H chart caught my eye. It's a pretty strong signal that sellers might be taking control, especially with the RSI hovering around 50. If we can't hold the S1 pivot support at 69677, I wouldn't be surprised to see a test of the 200 SMA on the daily.
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Hey @oadesina916, that bearish candle you mentioned does look a bit worrying. I'm still learning all the chart stuff, but yeah, it looks like it could go down. I bought BTC earlier thinking it would go up, and now I'm just watching my money disappear. Is the S1 pivot really that important? I don't want to be a bag holder if it keeps dropping. Maybe I should just cut my losses now?
Hey @oadesina916, I saw your post about that bearish candle. I'm still pretty new to all this chart reading stuff, but yeah, it looked a bit concerning to me too. I actually bought some BTC earlier today because I thought it was going to keep going up, and now I'm kinda worried seeing the price go the other way. I hope that support level you mentioned holds, otherwise I might be in trouble! I'm just watching it very closely now, hoping for the best.
Hey @oadesina916, I saw that bearish engulfing candle you mentioned. It does look a bit scary, to be honest. I'm still new to this, but it seems like sellers are pushing hard. I'm hoping that S1 pivot holds because I don't want to see it drop further. Wish I understood charts better so I could tell if it's really over.
Hey @oadesina916, I agree with you on that bearish engulfing on the 4H, it's a classic sign and definitely has my attention. The RSI is indeed around 36, which is moving into oversold territory but doesn't negate the bearish pressure from that candle. For me, the S1 pivot is crucial, but I'm also looking at the 200 SMA level you mentioned as a potential bounce zone if S1 fails. I've got a small short position open around 69700 with a tight stop above the pivot, just to see if we get that flush lower. If it holds, great, if not, I’ll get stopped out with minimal loss and reassess. It feels like we might see a test of the lower Bollinger band around 69066 too if momentum keeps up.