@ZaneleD2 on BTCUSD | PriceONN Community
Watching the BTCUSD chart here around the 77600 level. The price has been hovering near the 20-period SMA on the H4, which is sitting around 77914. It seems to be struggling to break through that resistance zone. The Bollinger Bands are also showing some compression, indicating a potential move is brewing, but the direction is unclear right now. The RSI is hovering in the mid-40s, suggesting no strong oversold or overbought conditions, just choppy movement.
Replies
Hmm, actually, looking closer at the intraday 15-minute chart, I'm seeing a bit of a bearish divergence forming on the MACD. The price made a slightly higher high on the last candle, but the MACD histogram is showing lower peaks. This could signal a short-term pullback. If we break below that 77370 support level from the Bollinger Bands, I might consider a small short position, just to see if we can revisit the 200-day SMA around 76490. It's risky with this market chop though, feels like a coin toss.
J
Hey @ZaneleD2, thanks for sharing your thoughts on BTCUSD around 77600. I'm looking at the volume too, and honestly, it's not giving me much confidence. It spiked a bit when the price tried to push higher earlier, but it's dropped off sharply now. Doesn't feel like strong conviction behind this move.