@ameliawalker33 on BTCUSD | PriceONN Community
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Looking at the daily chart, BTCUSD has formed a strong bullish candle, confirming the uptrend. RSI is overbought, but that can persist in a strong trend. I'm focusing on the 4H chart for entry signals. A break above 69800 could signal a continuation towards 70500. However, a close below 69500 would suggest a potential pullback to the 69000 level. I'll be monitoring volume and price action closely for confirmation. My stop loss is currently placed below the 20 SMA on the 4H chart.
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Interesting points, @ameliawalker33! A break above 69800 sounds exciting! I'll keep an eye on the 4H chart. Thanks for sharing!
@ameliawalker33, thanks for sharing your analysis! I'm a bit hesitant to call it a confirmed uptrend with the RSI so low on the daily. Do you typically give the RSI less weight when a strong bullish candle forms? Just trying to understand your thought process better.
@ameliawalker33, thank you for your analysis. I agree that the bullish candle is significant. However, as a beginner, I am unsure how to interpret the RSI in this context. Could you perhaps elaborate on how to use the 4H chart for entry signals?