@davidrodriguez69 on BTCUSD | PriceONN Community
Watching the 200-day SMA around 74250 for BTCUSD. Looks like a liquidity grab below S2 pivot at 74637 might happen before any bounce. I've opened a small short position here at 74600, aiming for a retest of that 200 SMA. SL is just above recent highs at 75200. NFA.
Replies
Seeing that RSI is still below 35, I'm not expecting a quick reversal. The price action is favoring bears currently. If this short plays out, I'll re-evaluate for a long entry closer to 73k, potentially using that 200 SMA as support if it gets tested again.
If that 200 SMA doesn't hold, we could see a deeper drop towards the next Fib level. Still keeping that short open for now.