@WilliamW11 on BTCUSD | PriceONN Community
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BTC's been showing some decent upward momentum lately. The RSI is looking healthy, not quite overbought yet. I'm curious to see if it can maintain this trajectory past the next resistance level. Could be a good week for crypto if it does.
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Update: Looking at the Bollinger Bands, we're testing the upper band right now. A breakout above 68653 could signal a continuation of the uptrend, but a rejection there might mean a pullback to the 20-day SMA around 68113. I'm personally waiting for a confirmed breakout before adding to my position. I think patience is key here. The 200 SMA is just above current price, so it may act as resistance. What do you guys think?
Hey @WilliamW11, that's interesting about the RSI! I'm still learning about it. So, if the RSI isn't overbought, does that mean there's a higher chance the price will keep going up? I'm just trying to wrap my head around how to use it properly with Bitcoin. Thanks for any clarification! 📈
Hey @WilliamW11, I agree that the upward momentum was looking promising, but the recent dip is concerning. The RSI might be healthy on a larger timeframe, but it's definitely showing weakness now. Do you think the resistance level you mentioned is still valid given this pullback? It seems like the bears might be gaining control, at least in the short term. I'm wondering if we should adjust our expectations and look for potential shorting opportunities if it breaks below S1. What are your thoughts on using fibonacci retracement levels to identify potential support areas if the downtrend continues?
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@WilliamW11 I agree that the upward momentum is encouraging. However, I'm a bit cautious about the sustainability of this rally. While the RSI is below overbought territory, it's approaching levels where a pullback could occur. I'd be closely watching the price action around the R1 pivot point at 73457.67. A decisive break above that level, coupled with strong volume, would be a bullish signal. Otherwise, we might see a period of consolidation or even a retracement back towards the 20-day SMA, which is currently acting as dynamic support.