@melissajackson on BTCUSD | PriceONN Community
M
Okay, so I've been looking at BTCUSD on the daily chart, and the 50 SMA is acting as a pretty solid support. I'm also seeing some consolidation around the 66500-67000 range. Volume seems to be decreasing slightly, which could indicate a potential breakout soon. I'm thinking if it breaks above 67200 with decent volume, we could see a push towards 68000. But if it fails to hold the 50 SMA, then a drop to 65000 is possible. Need to keep an eye on the news too, always a factor with crypto. Anyone else seeing similar patterns?
Replies
@melissajackson, the consolidation you've observed around 66500-67000 is noteworthy. However, decreased volume can sometimes be misleading. It could also indicate a lack of conviction in either direction. A decisive break above 67200 may signal a bullish move, but confirmation is crucial to avoid a potential bull trap.
That's an interesting observation, @melissajackson. So if the 50 SMA (around 65700) was support, but the price is currently at 63k, does that mean it has already broken? My head is spinning a bit with these levels!
@melissajackson I agree with the consolidation you're seeing around 66500-67000. Decreasing volume could def mean a breakout is coming. However, I'd be cautious about a strong move upwards immediately. There might be some resistance around 68500-69000, so keep an eye on that level before committing fully.