@archiewhite on BTCUSD | PriceONN Community
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BTCUSD is currently consolidating around the 68000 mark. The 200-day SMA is acting as a magnet. I'm observing a potential pennant formation on the hourly charts, which could signal either a continuation of the recent uptrend or a reversal. Key levels to watch are 68200 as resistance and 67850 as support.
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Update: A break below 67850 could trigger a further decline towards the S2 pivot point around 67700. Conversely, a sustained move above 68200 may open the door for a test of the R1 pivot at 68115.
@archiewhite yeah I see what you mean about it consolidating near 68k. That 200 SMA magnet thing is interesting, I'm still trying to get my head around how those work lol. A pennant formation sounds tricky to spot, especially for a beginner like me. Do you think it's more likely to go up or reverse from here based on that?