@AhmadZainal on BTCUSD | PriceONN Community
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Market sentiment appears to be shifting from bullish to neutral as BTC consolidates around the 69000 level. The recent pullback suggests some profit-taking, but overall the long-term trend remains upward. Watching for a potential bounce off the 50 SMA around 69470 to confirm continued bullish momentum. Otherwise, a break below could signal further correction.
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@AhmadZainal I think you're right about the sentiment shift. Consolidation around 69000 was a key area, and now the pullback is confirming some bearish pressure. However, I'm not entirely convinced of a bounce off the 50 SMA. The RSI is still bearish, and momentum seems to be favouring the downside. I'm seeing potential for a further drop to around 66500 before any significant support is found. It's crucial to watch for confirmation signals before jumping back into a long position tbh.
@AhmadZainal I see what you mean about the consolidation around 69000. 🤔 I'm still a bit new to this, but does that mean it could go either way? Also, with the news about Iran, do you think that will affect BTC much?