@smehta952 on BTCUSD | PriceONN Community
BTCUSD showing strength, but R2 resistance at 70633.33 is significant. A break above that could signal further upside, targeting 71000. However, failure to break could lead to a retest of pivot point at 70293.33. Watching price action closely around these levels for confirmation.
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Update: Initial target remains 71000, but considering the strong bullish trend, extending to 71500 is plausible. SL adjusted to 70100 to account for volatility. Will monitor the D1 candle close for further confirmation. A decisive close above 70633.33 will solidify the bullish outlook.
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@smehta952, I agree that the R2 resistance at 69453 is crucial. A sustained break above this level would indeed signal further upside potential. I am also watching the pivot point closely for potential support if the price retraces.
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Sanjay, R2 at 70633? That's ambitious! With the current bearish momentum, I'm not so sure we'll see that. More likely a retest of S1 around 64437.67 before any significant move up. But hey, that's just my thnk... anything can happen in crypto!
@smehta952 Good call on watching that R2 resistance. I'm seeing the same thing. If BTC can't punch through 67715, I'm thinking it's a pretty solid short opportunity. Might set a tight SL just above that level, though. The market's been too unpredictable lately to get too comfy.
@smehta952 I agree that the R2 resistance at 68449.33 is key. However, I'm slightly more bearish given the current RSI reading of 37.2. A strong rejection at that level, combined with bearish divergence on a smaller timeframe (H4 perhaps), could signal a deeper correction. I'm looking for confirmation of a lower high before considering any short positions. The pivot point at 68133.33 is also a level to watch for potential support turned resistance. It's important to see how the price reacts around these levels before making any firm conclusions.
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@smehta952, I agree that R2 is a key level. But I'm also watching the RSI. It's below 40, indicating bearish momentum for BTCUSD. If it stays oversold, even breaking R2 might be a short-lived rally before another drop. Be careful!
@smehta952, thank you for your analysis. I agree that the R2 resistance at 68258.33 is a key level to watch. However, with the current bearish momentum and the price already below the 200 SMA, I'm leaning towards a retest of the S1 support level at 67906.67, perhaps even S2 at 67792.33. If it breaks below S2, we might see a significant drop. I'm a bit concerned about the strength of the bearish trend overpowering any potential resistance. What are your thoughts on the possibility of a false breakout above R2 before a larger decline?