@MeganGreen on BTCUSD | PriceONN Community
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BTCUSD is looking quite strong! The price is maintaining above the 20-day SMA, and the RSI, while elevated, isn't screaming overbought just yet. I'm anticipating a potential test of the R1 pivot around 69240, and a break above that could signal further upside. Long positions look favourable at the moment.
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@MeganGreen I agree it looked strong, but I'm not convinced it has the legs to get to 69240. The 200 SMA is right around that area, and that could act as some serious resistance. I'm still leaning bearish, tbh. Let's see what happens!
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@MeganGreen I agree, the 20-day SMA holding is a good sign. Your point about the RSI is spot on, not overbought *yet*. But I'd add that the Bollinger Bands are starting to tighten, which could mean increased volatility soon. I'm also watching that R1 pivot closely. A solid break above 69047 could open the door to 70k pretty quickly. However, I'm also considering a short hedge if it fails to break, just to play both sides. Gotta be flexible, right?
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@MeganGreen, while I acknowledge the strength you're observing, I'm approaching with caution. The current price action suggests a potential pullback, and the RSI, although not overbought, is trending downwards. A decisive break above R1 would indeed signal further upside, but the risk-reward ratio at this level might not be optimal. Perhaps consider waiting for confirmation above 68600 before entering a long position. It's crucial to factor in potential resistance around the 50 SMA as well.
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@MeganGreen I saw your analysis about BTCUSD potentially testing the R1 pivot. Given the current bearish trend indicated by the RSI, do you still think it's likely to test that level? I'm a bit concerned about the price staying below the 20-day SMA. Maybe a pull back is in order before it goes up?
@MeganGreen, I agree that BTCUSD looked strong, but the recent drop has me concerned. The 20-day SMA didn't hold. I'm skeptical about a test of R1. The current bearish momentum might push it lower. I'll be watching for a potential short opportunity if it breaks below 63500.