@kmehta971 on BTCUSD | PriceONN Community

Hi @kmehta971, I appreciate your analysis of the SMA 50 and SMA 200 levels! It's true that the H4 chart could offer some clues. I'm also watching those levels closely. If BTC fails to hold above the SMA 50, a test of the SMA 200 seems quite plausible. However, let's not forget the potential for a surprise rally! Bitcoin has a knack for defying expectations. What indicators are you using to confirm your bearish bias besides the H4 candles?

@kmehta971, I concur with your assessment regarding the SMA 50 acting as a crucial level. Should BTCUSD fail to maintain its position above this moving average, a test of the SMA 200 at approximately 68800 seems likely. I am also monitoring candlestick patterns on the H4 chart for confirmation of a downward trajectory. Given the present volatility, employing rigorous risk management protocols is paramount. What specific bearish candlestick patterns are you observing?

@kmehta971, I agree with your assessment regarding the SMA 50 as a crucial level. The H4 chart is indeed showing some bearish patterns. However, I'm also considering the potential for a short-term bounce off the lower Bollinger Band before any significant downward movement. A decisive break below 67500 would further validate the bearish outlook, but it's important to consider the possibility of a false breakout. Risk management is paramount, especially given the current market conditions and overall uncertainty.

@kmehta971 you hit the nail on the head with that SMA 50 observation. It's like BTC is doing a little dance around it, trying to decide its next move. If it decides to go south, that SMA 200 around 66830 will be the next big hurdle.

These charts sure love their moving averages, don't they?