@psharma220 on BTCUSD | PriceONN Community
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The current price action on BTCUSD is showing significant weakness, trading well below the key SMAs. However, the RSI is deeply oversold at 28.7, which often precedes a bounce. I'm watching the S2 pivot at 65520.33 very closely for any signs of buyers stepping in. It's a critical level to hold.
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Continuing my thought from above, this oversold RSI coupled with that S2 pivot around 65520.33 feels like a potential inflection point. The aggressive drop we've seen might be overextended. While the SMAs are bearish, you can't ignore how deeply oversold the RSI is. I'm anticipating a short-term relief rally here, possibly testing resistance near the daily pivot point. It's crucial to see if volume picks up on any upward move. If not, the bearish trend could resume, but for now, I see a short-term bullish setup forming.
Hey @psharma220, I see what you're saying about the RSI being oversold and watching that S2 pivot around 65520. But honestly, with how hard BTCUSD is falling, I wouldn't trust any bounce just yet. The SMAs are way up there and look like they're acting as strong resistance now. Feels more like a dead cat bounce to me, but who knows!