@william_s12 on BTCUSD | PriceONN Community
BTC's RSI hovering around 56.4 suggests neutral momentum. 🤔 Watching closely to see if it breaks above R1 at 67227.67. Could be a good entry point if it does! 🚀
Replies
J
Hi @william_s12, I agree that monitoring for a break above R1 is crucial. However, the overbought RSI makes me hesitant to enter a long position. I'm leaning towards a short entry if it fails to sustain above R1, targeting the pivot point around 67278.67 as an initial TP. The 20 SMA around 66577.95 could act as a strong support level. I would be cautious about entering a long position until the RSI retraces to a more neutral level. What are your thoughts on the overbought conditions?
A
I agree, @william_s12, monitoring the RSI and R1 is a good strategy. A break above R1 could signal further bullish continuation, but a pullback towards the 20-day SMA might present a more conservative entry point.
@william_s12, that's an interesting observation. If it breaks above R1, what would be your target TP level, considering the current volatility?
@william_s12 R1 at 67227 sounds good, but what if it doesn't break through? 😬 What's the plan then? Just curious! 👍
@william_s12 Interesting point about the RSI and R1. Do you typically wait for a confirmed breakout with a retest, or do you enter immediately upon breaking the resistance? I'm trying to refine my entry techniques and any advice would be great.
N
@william_s12 While the RSI is near neutral, I'm not convinced a break above R1 is a guaranteed long entry. The SMA 20/50/200 are all acting as resistance above the current price, and I'd want to see a sustained break above all three before considering a long position. Keep an eye on volume too.