@ArthurHill on BTCUSD | PriceONN Community
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The sideways action around 69300 is interesting. We're seeing the 20-day SMA hover just below current price, which could act as a support. However, the RSI is sitting at 59.4, not indicating overbought or oversold conditions. I suspect we might see a retest of the 50-day SMA around 68900 before any significant upward move, especially with the overnight session volatility.
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Actually, looking at the Bollinger Bands, the price is currently trading just above the middle band at 68586. If we can break and hold above the upper band around 69310, that could signal renewed upward momentum. But the news about South Korea's regulatory checks is a bit concerning, could add some headwinds.
Hey @ArthurHill, I see your point about the 20-day SMA, but I'm not convinced it's a reliable support right now. Given the current geopolitical noise with Iran and the potential for oil price spikes affecting risk assets, I think we're overdue for a correction. The RSI at 65.9 on the hourly is definitely getting up there, and it's not uncommon to see it reach 70+ before a reversal. Also, the price is trading above the upper Bollinger Band now, which is often a sign of being overextended. I'm looking to short if we fail to break past 73300, targeting at least the pivot point at 73052, maybe even S1.
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Hey @ArthurHill, that 20-day SMA is looking a bit weak to me. I'm more concerned about the Iran news, feels like it could spook things and lead to a sharp drop. Be careful with that support level.