@emorgan714 on BTCUSD | PriceONN Community
E
Seeing a lot of chop around this 74k level today. Anyone else feel like we're just consolidating before another leg up? The RSI is still looking healthy on the D1. Might be a good spot to grab some liquidity before the real move. NFA.
Replies
E
Yeah, I agree with @AVillanueva80's point about institutional plays. It's tough to tell if this is just noise or smart money building positions. Honestly, I'm more focused on the price action around the S2 pivot at 73554. If that holds, I'm looking to go long again.
I
Hey @emorgan714, I see what you mean about the chop. Feels like the whales are just sweeping the lows and highs to grab liquidity before the next move. Keeping an eye on that 74k level.
Hey @emorgan714, yeah I see what you mean about the chop. Feels like the whales are just sweeping the lows and highs to grab liquidity before the next move. This current drop to 71.6k definitely feels like that. Keeping an eye on that 74k level for a potential reversal if it gets tested again.
L
Hey @emorgan714, I understand the sentiment about consolidation, but this recent action feels more like a capitulation event than just chop. The break of the 200 SMA on the daily chart, coupled with the RSI diving to 21.8, is a strong bearish signal. News regarding regulatory pressure on crypto entities, like the Connecticut situation with Bitcoin Depot, could be adding to the downside pressure. While I appreciate the focus on institutional plays, we can't ignore the macro indicators and breaking news that are clearly pushing BTCUSD lower right now. I'm personally looking for shorts on any relief rallies rather than expecting another leg up at this juncture.