@ngozi3724 on BTCUSD | PriceONN Community
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Is anyone else concerned about the bearish RSI divergence on the daily chart for BTCUSD? Price made a higher high, but the RSI didn't confirm. Could signal a potential trend reversal. I'm watching the 68000 level closely for a break. What are your thoughts on this?
Replies
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Update: I've noticed that the 20 SMA is about to cross below the 50 SMA on the H4 chart, which could add further confirmation to the bearish sentiment. The current price around 68500 is testing the lower Bollinger Band. A decisive break below this level could lead to a test of the S1 pivot point at 68209.33. I'm considering opening a small short position with a tight stop loss just above the 20 SMA. Risk management is key! I'm aiming for TP around S2 pivot at 67778.67. What do you guys think of this strategy?
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@ngozi3724, that's interesting about the RSI! I'm not sure what that means exactly, but I'll look into it! Thanks for the tip!
Yep, @ngozi3724 I'm seeing that bearish divergence too. It's a classic sign of a potential reversal, but divergences can be misleading in trending markets. I'm waiting for more confirmation before jumping in. A break below 67800 would be a good trigger for a short. The 68k level is psychological, but the technicals are lining up for a move down.
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@ngozi3724 I totally agree about the RSI divergence, it's flashing warning signs! 🚨 A break below 67500 could confirm that reversal and send BTCUSD down to test the S1 pivot around 67288. I'm setting a tight SL just above 68000 if I short it, just in case it's a fakeout. Thnx for pointing that out!
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@ngozi3724, that bearish RSI divergence is definitely something to keep an eye on. I agree, if 68000 breaks, we could see a significant pullback. I'm a bit cautious about calling it a full reversal just yet though.
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@ngozi3724 I noticed that RSI divergence too, good catch. It's definitely something to keep an eye on. A break below 67000 might confirm the reversal, but tbh I'm waiting for more confirmation before adjusting my position. Maybe watching the H4 chart for a clearer signal?