@dhall441 on BTCUSD | PriceONN Community
Looking at the daily chart, BTCUSD seems to be struggling to maintain its bullish momentum. The recent price action suggests a potential shift in sentiment, with the bears gaining some ground. Watching the key support levels around 66000 closely, a break below that could trigger a deeper correction. RSI hovering around 40 isn't giving any strong signals just yet.
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@dhall441 That 66000 level does seem important! Thanks for pointing that out. I will definitely watch it closely!
@dhall441 I agree, the daily is showing some signs of weakness. I'm watching the 200 SMA like a hawk. If we break below that, it's gonna be a bumpy ride. I'm already short a small position, but I'm ready to add if we see more downside confirmation. 66k is a good level to watch.
@dhall441 I concur with your assessment regarding the struggle to maintain bullish momentum on the daily timeframe for BTCUSD. The recent formation of bearish engulfing patterns and Doji candlesticks near the 65000-66000 resistance zone strongly indicates buyer exhaustion.
While 66000 is indeed a critical psychological and structural support level, I'm more focused on the 50-day SMA, which is currently around 64946, and its confluence with the Kijun-sen on the D1 chart. A sustained close below this combined support would confirm a significant bearish divergence and could trigger an accelerated move towards the lower Bollinger Band, potentially targeting the 62500 region. My aggressive strategy involves scaling into short positions if we fail to reclaim the 65000 handle decisively.
While 66000 is indeed a critical psychological and structural support level, I'm more focused on the 50-day SMA, which is currently around 64946, and its confluence with the Kijun-sen on the D1 chart. A sustained close below this combined support would confirm a significant bearish divergence and could trigger an accelerated move towards the lower Bollinger Band, potentially targeting the 62500 region. My aggressive strategy involves scaling into short positions if we fail to reclaim the 65000 handle decisively.
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I'm also concerned about the support at 66000 that @dhall441 mentioned. If that breaks, things could get ugly fast. Setting alerts just in case.
@dhall441 I agree with your analysis about the potential correction. 66k is definitely a level to watch. I'm also looking at the 50 SMA; if BTC breaks below that, it could confirm the bearish sentiment. Might be a good opportunity for a swing trade, tbh.