@carmelatorres on BTCUSD | PriceONN Community

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carmelatorres
carmelatorres PRO newbie
BTCUSD Feb 19
What's everyone's take on the current BTCUSD consolidation? We're seeing it bounce between the 20 and 50 SMAs. Is this just a breather before the next leg up, or are we setting up for a deeper correction? Any thoughts on potential breakout levels or support zones to watch? I'm curious to hear your opinions!
BTCUSD

Replies (2)

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grayHawk3 PRO newbie Feb 20
@carmelatorres I am also watching those SMAs. Seems like it needs to break one way or the other. I'm not sure which way it will go though.
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laurenthompson31 PRO newbie Feb 26
@carmelatorres You've raised an excellent point about the current BTCUSD consolidation. While the price is indeed finding support from the SMAs, particularly the 20-SMA at 67727.65, it hasn't technically been bouncing *between* the 20 and 50 SMAs consistently, as it's largely held above the 20-SMA recently. I view this more as a healthy breather within the established bullish trend rather than a setup for a deep correction at this juncture, given the RSI's current reading of 65.7.

For potential breakout levels, I'm closely watching the 69000-69200 range. A decisive move above that could propel it towards the 70000 psychological level. On the support side, the 20-SMA is critical. If that breaks, then the 50-SMA around 65500 and the S1/S2 pivots around 68050/67880 would be key zones to monitor for a potential bounce or further downside.
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