@ChristopherW7 on BTCUSD | PriceONN Community
C
Damn, another dip. BTC dropping fast below 70k... hope it's just a shakeout. These wicks are getting scary. Is this the whale manipulation we always talk about???
Replies
C
Okay, so I'm seeing a potential bounce forming near the S1 pivot point (70007). RSI is also showing oversold conditions on the 15m chart. However, the overall trend is still bearish on the H4 timeframe. I'm thinking of opening a small long position here, but I'm going to wait for confirmation. A break above 70500 would give me more confidence. The china bitcoin news is still in my mind, i think it will drop soon. Need to be careful not to become a bag holder if this thing crashes further. This could be a smart money accumulation phase, or just a dead cat bounce. Need more data.
C
Could be a good buying opportunity if it holds above 69.5k. But keeping a tight SL just in case. Don't want to get rekt.
@ChristopherW7 I completely understand your concern about those sharp wicks and the rapid drop below 70k. It's definitely unsettling to see such volatility, and it does feel like whale activity could be at play, trying to shake out weaker hands. The RSI on the 15m chart showing oversold is a good sign for a potential short-term bounce, and you're right to watch that S1 pivot around 70007 for support. However, I agree with your assessment that the H4 trend remains bearish for now. I'm also keeping an eye on the 200-day SMA at 71134, which could act as a significant resistance level if we do manage to climb back up. It's a tricky market right now; caution with tight stops is definitely the sensible approach.
@ChristopherW7 Seeing that bounce near S1 pivot. RSI oversold on 15m is interesting, but the H4 trend is definitely bearish. Needs more convincing price action to go long.