@melissa3856 on BTCUSD | PriceONN Community
Anyone else seeing a potential short forming on BTC? The break below the 200 SMA is concerning, and RSI is heading down. What are your thoughts on downside targets? I'm thinking 65000 is the next key level to watch. I'm especially curious about how the bollinger bands are playing out for others. Is it worth the risk?
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Update: I'm still leaning short on BTC. Looking at the H4 chart, there's a clear downtrend forming. My initial target is 65200, coinciding with S2. If it breaks that, I'm eyeing 64600-ish, near the lower Bollinger Band. SL placement is crucial here – I'm thinking just above the 200 SMA on the H1 chart. It's a bit aggressive, but the potential reward is worth it imo. Always adjust based on your risk tolerance of course. What's everyone's take on using the H4 for this move? Any better timeframes?