@msmith782 on BTCUSD | PriceONN Community
M
My current analysis on BTCUSD suggests a continuation of the bullish trend, albeit with some immediate hurdles. The price is comfortably above the 20, 50, and 200 SMAs, which is a strong foundational signal. However, the current price at 68229 is approaching the R1 pivot point at 68473, and we're seeing some deceleration.
A clean break and hold above R1 would open up the path to R2 at 68685 and potentially the upper Bollinger Band around 70266. Conversely, a failure to break R1 could see a retest of the 20 SMA at 67579.7, which aligns closely with the S2 pivot. Monitoring volume will be crucial here for confirmation of any directional move. RSI is supportive but not yet signalling overbought conditions on the daily timeframe, so there's still room.
A clean break and hold above R1 would open up the path to R2 at 68685 and potentially the upper Bollinger Band around 70266. Conversely, a failure to break R1 could see a retest of the 20 SMA at 67579.7, which aligns closely with the S2 pivot. Monitoring volume will be crucial here for confirmation of any directional move. RSI is supportive but not yet signalling overbought conditions on the daily timeframe, so there's still room.