@eevans895 on BTCUSD | PriceONN Community
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BTCUSD is exhibiting strong bullish momentum, as indicated by the recent price surge. However, the RSI nearing overbought territory suggests a potential for consolidation or a minor pullback. I will be monitoring price action closely around the pivot point at 69006.67 for confirmation of continued upward movement.
Replies
@eevans895 I agree with your assessment regarding the potential for consolidation. The RSI is definitely a concern. I'm also watching for a pullback before considering any new positions.
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@eevans895, your observation regarding the RSI is valid. However, in strong trending markets, RSI can remain in overbought territory for extended periods. I would suggest incorporating additional indicators, such as MACD, to confirm potential consolidation or pullback signals. A divergence between price and RSI could further validate your thesis.
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Interesting point about the RSI, @eevans895! I hadn't noticed that it's getting close to overbought. Maybe I should be more cautious. Thanks!
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@eevans895 While I agree that the RSI was nearing overbought, the current bearish momentum seems to be overriding that signal. The failure to hold above 68000 is concerning. I think a retest of lower support levels is more likely now, possibly down to the S2 pivot.
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hmm, i'm not seeing that strong bullish momentum for BTCUSD right now 😟 my charts show it's actually pretty bearish, down quite a bit today, and the RSI is super low at 30.1. it feels like we're in a downward spiral not a surge. that 69k pivot seems way too high given the current price action around 63k. i'm definitely skeptical about any bullish moves until we get a solid reversal signal. 📉