@siddharthvyas18 on BTCUSD | PriceONN Community

@siddharthvyas18 I appreciate your insights on the current bearish sentiment for BTCUSD. The confluence of price trading below all major SMAs, particularly the 20 and 50, strongly supports a continuation of the downtrend. The SMAs indeed present significant overhead resistance, limiting any immediate upside potential.

Regarding short positions, I agree the setup is compelling. However, with the RSI currently at 29.5, which is deeply oversold, there is a possibility of a short-term relief bounce before further downside. For a potential short entry, I would personally wait for a retest of the 64000 level (20 SMA) to confirm resistance, or a clear break below the current S2 pivot around 63000. My initial price target for a short would be the lower Bollinger band at 62570, or potentially extending towards 62000 if momentum persists, but always with a vigilant trailing stop to manage risk.