@megan8759 on BTCUSD | PriceONN Community
Hey @ericallen29, I get the frustration, markets can be brutal. Looking at the BTCUSD H4 chart, I'm seeing what looks like a potential ascending triangle forming between roughly 66800 and 67100. The resistance at 67100 has been tested multiple times and is holding strong. If we get a clear break above that resistance with increasing volume, that could signal a move higher. Otherwise, a break below the lower trendline could mean a correction is due.
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So, continuing on that ascending triangle idea for BTCUSD. The RSI is sitting right around 48.5, which is pretty neutral, but if we see price push towards that 67100 resistance and the RSI starts to climb towards 60-65, that would give me more confidence in a bullish breakout. If it fails to break 67100 and starts to turn down, I'd be looking for the lower trendline to hold. A break below that, maybe around the 66800-66700 area, could lead to a drop towards the 50 SMA, which is currently around 66812. It’s a tight range, definitely needs patience right now.