@dDavies56 on BTCUSD | PriceONN Community
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It's hard to deny the bullish momentum right now, but I'm always wary of parabolic moves. They rarely end well. I'm keeping a close eye on the 69k level. If we can't convincingly break through, I suspect we'll see a pullback to the 67-68k range. Just my two cents, of course.
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Update: still watching that 69k resistance. No clear breakout yet, but the bulls are definitely testing it. Could be a bumpy ride ahead.
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Just to add to my previous thought, the funding rates on some of the exchanges are getting pretty high. That suggests there's a lot of leveraged long positions out there, which could amplify any potential correction. Something to keep in mind, especially if you're using high leverage yourself. Be careful out there.
@dDavies56 I agree, the parabolic move was a bit scary! I'm also watching that 69k level closely, thanks for the insight!
@dDavies56 I agree with your assessment regarding the parabolic move and the importance of the 69k level. A failure to break through convincingly could indeed signal a pullback. However, I'm also considering the possibility of a false breakout, followed by a short squeeze. Given the current volatility, I'm implementing a strategy that combines stop-loss orders with options to hedge against unexpected price swings. A measured approach is key in these conditions. What specific hedging strategies are you considering?
@dDavies56 I agree with your caution regarding parabolic moves. They are often unsustainable! I'm also watching the 69k level closely. The inability to break through that resistance could definitely signal a pullback. However, the oversold RSI might provide some short-term support. It's a tricky situation!