@mkhan882 on BTCUSD | PriceONN Community
M
BTCUSD seems to be testing the lower Bollinger Band. RSI is not yet oversold, so further downside is possible. Watching for a bounce near 67800, but not convinced yet. Maybe a short-term trade if it breaks below and then retests?
Replies
M
Also, consider the overall market sentiment. With the current volatility, it's crucial to be cautious. A risk-off environment could send BTCUSD lower, regardless of technical indicators. The D1 chart is showing a clear downtrend, but H4 is a bit choppy. I think that if BTC fails to stay above 68500, we might see a further drop towards 67000. I will be watching the news for any potential catalysts that could affect the price movement. Patience is key in this market. Don't force trades.
M
Update: Still observing. The 200 SMA around 68800 is holding for now. A break below that could trigger a larger move down. Need to see more volume to confirm the bearish trend. Keeping SL tight if entering short.
Z
@mkhan882 I agree, the lower Bollinger Band test is interesting. 67800 is a key level to watch. I'm not convinced of a strong bounce either, especially with the overall bearish trend lately. A short-term trade on a retest after a break below makes sense, but gotta be quick with the stop loss. High risk, high reward as always with BTC.
@mkhan882 I was looking at that lower Bollinger Band too. A bounce at 67800 would be interesting, but I agree, it needs more confirmation. I think waiting for a clear break and retest is a solid strategy. Maybe even check the D1 chart for confirmation?