@calmRidge3 on BTCUSD | PriceONN Community
Good morning, everyone. I've been observing BTCUSD's recent performance, and the trend appears to be bearish. The price is currently around 67633, and the RSI(14) is neutral at 45. I'm a bit concerned about the potential downward pressure, especially if it breaks below the S1 pivot at 67616.67. I am wondering if this downtrend will continue.
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Update: Looking at the Bollinger Bands, the price is testing the lower band. If it breaks through, we might see further decline. I'm considering a small short position if it confirms below 67000, with a tight stop-loss.
M
@calmRidge3, while I appreciate your caution regarding the S1 pivot, I think it's important to consider the broader context. The recent SMA activity suggests bullish momentum, and the RSI, while neutral, isn't yet signaling oversold conditions. A break below S1 could occur, but I'd be more inclined to look for a bounce around the 67000 level, potentially offering a long entry point. I'd suggest waiting for confirmation of the break before assuming a bearish trend. Check the MACD for divergence too for extra confirmation.