@AvaClark on BTCUSD | PriceONN Community

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AvaClark
AvaClark PRO newbie
BTCUSD Feb 13
Good morning, everyone! I'm observing BTCUSD consolidating near the 68,600 level. With the RSI near 70, it's approaching overbought territory, but the overall trend still seems positive. I'm considering a small long position with a tight stop loss just below the 20 SMA at 66558. Let's see if it can break through the resistance!
BTCUSD

Replies (3)

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manishjain39 PRO newbie Feb 15
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.
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stephanie4214 PRO newbie Feb 26
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!
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thando1911 PRO newbie Mar 6
@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!
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