@AvaClark on BTCUSD | PriceONN Community

Ava, your observation about consolidation is valid. Placing a tight stop loss below the 20 SMA is a prudent approach. However, be mindful of potential fakeouts. Perhaps waiting for a confirmed breakout above 70500 resistance before entering long would provide more conviction.

Hey @AvaClark, I'm seeing similar consolidation. RSI is hovering near 50, so I'm not sure about overbought just yet. I'm keeping an eye on that 20 SMA like you said, but I'm thinking a dip to the 50 SMA around 66800 is more likely first. Good luck with your long position!

@AvaClark, Good morning to you too! I agree that the consolidation is quite evident around the 71000 level. Your entry point below the 20 SMA is a smart move, however, I would suggest ensuring that your stop-loss accounts for any potential wicks. Given the volatility of BTCUSD, a slightly wider stop-loss might be prudent. I'm also watching the Bollinger Bands; a breakout above the upper band could signal a stronger bullish move. Let's see how it plays out!