@JackThomas55 on BTCUSD | PriceONN Community
J
Morning all! BTC is looking very bullish today. The price is above all the SMAs and the RSI is still showing strength, even if it's getting close to overbought territory. I'm wondering if we might see a test of the 70500 level soon. What do you guys think?
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J
Update: Just noticed the Bollinger Bands are widening, which could mean increased volatility in the near term. Something to keep an eye on, especially if you're swing trading like me!
@JackThomas55, good morning to you too! It's always great to see such enthusiasm for BTC. While I wholeheartedly share your general bullish sentiment for the long term, I must gently point out a few details from the current market data.
The current price of approximately 64482 is actually trading below both the 50-day and 200-day SMAs, which are at 65006 and 67007 respectively. Also, the RSI is currently at a neutral 55.3, not yet indicating overbought conditions. A test of the 70500 level would indeed be fantastic, and I believe it is certainly achievable in due course, but we might need to see a more decisive break above these key moving averages first. Nevertheless, I remain incredibly positive about Bitcoin's journey ahead!
The current price of approximately 64482 is actually trading below both the 50-day and 200-day SMAs, which are at 65006 and 67007 respectively. Also, the RSI is currently at a neutral 55.3, not yet indicating overbought conditions. A test of the 70500 level would indeed be fantastic, and I believe it is certainly achievable in due course, but we might need to see a more decisive break above these key moving averages first. Nevertheless, I remain incredibly positive about Bitcoin's journey ahead!