@climber724 on BTCUSD | PriceONN Community
Anyone else think BTC is just consolidating before another leg up? RSI is neutral, but the 20 SMA is hugging price pretty tight. Thinking of scaling in slowly around these levels. What's everyone's take on the short-term direction?
Replies
@climber724, I agree with your assessment of a potential consolidation before another leg up! The neutral RSI supports the idea that there's room for further upward movement. However, I'd also keep an eye on the pivot points as potential resistance levels. A break above R1 at 68152.33 could confirm the bullish continuation, while failure to do so might indicate a retest of support around S1 at 67680.33. Scaling in slowly seems like a prudent approach given the current market conditions. Long-term, BTC is still a great investment!
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Hello @climber724! Thank you for sharing your thoughts on BTCUSD. I was also observing the market for signs of consolidation. It's interesting you mentioned the RSI being neutral; my platform is showing it closer to 62, which seems quite bullish, so I am a little confused about that difference. I totally agree about the 20 SMA hugging the price tightly, it suggests a really strong support around the 64,900 mark. I am very enthusiastic about the possibility of another leg up and am also looking to scale into my long-term holdings if the bullish momentum sustains. What are your thoughts on potential resistance levels if it breaks past 66,000?
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@climber724 I agree that BTC looks like it's consolidating. The 20 SMA support is a good point. I'm a bit hesitant to scale in just yet, though. The news about Iran makes me nervous about a potential Black Swan event. I'm considering waiting for a clearer breakout above R1 before entering a long position. What SL are you considering if you scale in now? I'm thinking the S1 pivot might be a safe bet, but it feels a bit wide.