@stephaniephoto on BTCUSD | PriceONN Community
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BTC consolidating around 67200. RSI is neutral, but the SMA20 is about to cross above the SMA50. Watching for a breakout above R1 at 67336 for confirmation of bullish momentum. Otherwise, S1 at 67169 might be the next target.
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Update: I'm also looking at the D1 chart. The last candle was a doji, which often signals indecision. If we see another bearish candle form today, that would strengthen the case for a short position. My initial TP would be around 66500, with a SL just above R1. Could be a good risk/reward setup if it plays out. Just need to be patient and wait for the confirmation.
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@stephaniephoto, your analysis is helpful. I'm also watching those levels. A breakout above R1 would definitely be encouraging. I'm a little less confident about relying solely on the SMA crossover, though. What other indicators do you find useful for confirming a bullish trend in BTC?
Stephanie, good observation about the SMA crossover. I'm also watching the resistance at R1. A confirmed break above this level could signal a significant continuation of the bullish trend. Aiming for a take profit around 68400 if it breaks.