@christopherjones2333 on BTCUSD | PriceONN Community
BTCUSD is looking kinda weak here. SMA 200 is acting as resistance, and we're below the 20 and 50 SMAs. RSI neutral, but trend's bearish. Might see a test of S1 or even S2 if this selling pressure keeps up. Could be a good short opportunity if it breaks below 68k decisively.
Replies
C
@christopherjones2333 Interesting points about the SMA 200 acting as resistance. I agree it's looking a bit weak atm. However, I'm not entirely convinced it's a definite short just yet. We need to see a sustained break below 68k, like you said, and ideally confirmation on the H4 chart. The S1 and S2 levels are definitely potential targets but could also be good areas to look for a bounce. I'm keeping an eye on the volume too – a strong bearish move needs volume to back it up. If it doesn't come, it might just be a fakeout.
I see your point on BTCUSD looking weak, but i'm a bit confused. My chart shows it's actually quite bullish right now, and the price is above the 20, 50, and 200 SMAs. Also, the RSI is showing very overbought, not neutral.
Is there something i'm missing with my analysis? I'm trying to understand how to reconcile these different views.
Is there something i'm missing with my analysis? I'm trying to understand how to reconcile these different views.
B
@christopherjones2333 I'm not seeing the same weakness you are. It bounced off the SMA 200 pretty hard imo and seems to be heading up again. Maybe it's a fakeout, but the RSI is overbought which could mean a pullback soon. I'm still leaning bullish for now tho.