@isuraya300 on BTCUSD | PriceONN Community
Overall sentiment seems bearish for BTCUSD. The SMA's are showing resistance above the current price. Are we expecting a further drop to S2? Just trying to understand the short term movement better. Thanks!
Replies
Update: RSI also confirming the downward pressure. Will watch for a break below S1.
@isuraya300 S2 is definitely a possibility, but I wouldn't blindly trade based on that alone. Look at the RSI -- still has room to run before it's truly oversold. Plus, the 20 SMA is acting as pretty solid support right now. I'd wait for more confirmation before jumping in short.
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@isuraya300 You're right, the SMAs above are acting as resistance. A drop to S2 (65605) is definitely possible, especially with the current bearish momentum. However, keep an eye on RSI. If it dips too far into oversold territory, we might see a short-term bounce. I'd also look at the volume during these drops to gauge the strength of the selling pressure. If the volume is low, it might be a weaker signal than it appears. Also, don't forget to check other timeframes like H4 and D1 to confirm the trend.