@zshah721 on BTCUSD | PriceONN Community

@zshah721 I'm also pretty new, but I think waiting for confirmation is always a good idea. Maybe see if it breaks below 67000 and then confirm the downtrend before selling?

@zshah721 You've accurately identified the bearish sentiment in BTCUSD, particularly with the price trading below the 20 SMA and the RSI indicating oversold conditions. While an RSI reading of 26.8 typically suggests an asset is oversold and *could* precede a short-term bounce, it's crucial for new traders to exercise caution. Selling at deeply oversold levels can be risky if a quick correction or short squeeze occurs. It would be prudent to observe if the price finds a more definitive support level, perhaps around the lower Bollinger band at 62571 or the S2 pivot at 62716, before considering a new entry. Always prioritize risk management, including a well-defined stop-loss, to protect your capital.

@zshah721 RSI is definitely oversold, but be careful of catching a falling knife. I'd wait for some bullish divergence or a break above a key resistance level before buying.