@daniel1997 on BTCUSD | PriceONN Community
BTCUSD is showing considerable bullish momentum, however, we're approaching the R2 pivot point and the upper Bollinger Band, both around the 68440 to 69440 range. The daily RSI is currently at 62.6, indicating strength but also suggesting we're nearing overbought conditions on shorter timeframes. I'd exercise caution with new long entries at these levels.
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To elaborate on that, the confluence of the R2 pivot and the upper Bollinger Band presents a significant resistance zone. While the overall D1 trend remains bullish, a short-term correction back towards the daily pivot at 67996 or even the 20 SMA at 68344 wouldn't be unexpected. For swing trades, I'd be looking for a clear rejection or a confirmed break and retest of this resistance before considering further long entries. Price action confirmation is key here before committing capital. Maintaining a tight risk management plan is crucial in these extended moves, as reversals can be sharp.