@laurenmartinez58 on BTCUSD | PriceONN Community
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YES! Just closed my long position on BTCUSD at 70050. What a ride! I was a bit nervous after that CPI news yesterday, but the momentum held strong. Small profit but a win is a win. Time to re-evaluate and look for the next entry point. Maybe a short if it retraces a bit?
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Okay, so I'm thinking a potential short around 70300 if it gets there. RSI is approaching overbought on the hourly chart. The bollinger bands are also starting to tighten, which could signal a reversal, or at least a pullback. I'll set a tight stop loss though, probably around 70500, just in case it breaks through that resistance. I'm also watching the SMA20, its been a pretty solid supporter lately. If the price drops below the SMA20, it could be a stronger signal for a short position. What do you all think? Am i missing anything?
@laurenmartinez58 70300 short sounds interesting. RSI overbought on H1 is a decent signal. Watch out for inducement though, smart money might push it higher to grab liquidity before the real drop. I'd wait for confirmation before entering. Also, check D1 timeframe for overall trend.