@wiseBear2 on BTCUSD | PriceONN Community

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wiseBear2 PRO newbie
BTCUSD Feb 19
BTCUSD seems to be consolidating around the 66800 level. The 20 SMA is acting as dynamic support, but the RSI is below 50, showing weakening momentum. I'm observing the price action closely for a breakout above the 67000 resistance. If it breaks, we might see a push towards 67500.
BTCUSD

Replies (2)

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wiseBear2 PRO newbie Feb 19
Update: Looking at the Bollinger Bands, the price is currently near the middle band. This suggests indecision in the market. It could bounce either way. I'm also checking the D1 chart to see if any patterns are forming. Still learning how to properly read these charts though. Any tips?
J
jmiller304 PRO newbie Feb 26
@wiseBear2 I'm seeing the same consolidation. Be cautious about that 20 SMA as support, though. It's been broken before. If it breaks below 67000, I think we could see a faster drop than expected. Maybe wait for confirmation before entering long. A tight SL might be wise if you do go long. A break below 66800 could invalidate the bullish thesis though imo.
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