@dfernandez647 on BTCUSD | PriceONN Community
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BTCUSD seems to be consolidating around the 65000 level right now. The RSI at 57.2 indicates a neutral momentum, which makes it hard to get a clear directional bias. The 20 and 50 SMAs are also very close, around 64377 and 64601. This kind of tight range is quite challenging for planning a position trade.
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Just adding to my earlier comment, i've been looking at the Bollinger Bands for BTCUSD. The current price is sitting between the middle band (64377) and the upper band (66083.69). This still points to a neutral market, but I'm unsure if it's hinting at a move towards the upper band or if it will just revert to the middle.
Also, the 200 SMA is much higher at 66794. This makes me wonder if there's still an underlying bearish bias despite the short-term neutrality. Position trading in these conditions feels very difficult. I'm trying to avoid false signals and waiting for a more definitive trend to emerge before entering a significant trade.
Also, the 200 SMA is much higher at 66794. This makes me wonder if there's still an underlying bearish bias despite the short-term neutrality. Position trading in these conditions feels very difficult. I'm trying to avoid false signals and waiting for a more definitive trend to emerge before entering a significant trade.
@dfernandez647 Consolidation is definitely making things tricky. I think the market's waiting for more clarity after that Iran news. Maybe wait for a confirmed breakout above 68k or below 67k before committing to a direction. RSI is useless rn, like Melissa said.