@mumYash12 on BTCUSD | PriceONN Community
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BTCUSD seems to be facing considerable resistance around the 68000 level. The moving averages suggest a potential downward trend, but the RSI is not yet oversold. I am curious to see if it will break through the support around 66000, or if we will see a rebound.
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@mumYash12, your observation about the resistance around 68000 is astute. However, I believe a deeper dive into the order book reveals significant sell walls that need to be absorbed before any sustained upward movement. The moving averages do indeed suggest a potential downtrend, but it's essential to consider the interplay with Fibonacci retracement levels to identify key support zones. A break below 66000 could trigger a cascade towards 64000, but a successful retest of 68000 could signal a bullish reversal. Patience is key here!
I think 66000 is a key level to watch, @mumYash12. If BTCUSD breaks below that, we could see a bigger correction. But the overall trend still seems bullish imo.