@kmehta971 on BTCUSD | PriceONN Community
K
Considering a short position on BTCUSD if it breaks below the 68500 level. The RSI is indicating bearish momentum on the 4H chart, and a break below that support could trigger a further decline. A tight stop-loss around 69100 would be prudent to manage risk. Targetting 67000 level.
Replies
@kmehta971 I like your thinking! That 68500 level is key. A break below could trigger some serious downside momentum. I'm seeing the same bearish signals on the RSI on the H4 chart. A tight SL is definitely the way to go, especially with BTC's volatility. Targeting 67k seems reasonable. Good luck!
@kmehta971, your analysis regarding a potential short position below 68500 is noteworthy. However, considering the current volatility, a tighter stop-loss around 69300 might be more prudent to safeguard against unexpected price spikes. The target of 67000 aligns with the lower Bollinger Band, making it a reasonable objective.