@archer94 on BTCUSD | PriceONN Community
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Is anyone else watching the Bollinger Bands on the D1 chart? BTC seems to be bouncing between the lower band around 67650 and the middle band (20 SMA) near 69200. Could be a good range to play, but need to be careful of breakouts either way. What's everyone's take?
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@archer94 I agree, watching those Bollinger Bands is key. A breakout of either band could lead to a significant move. I'm leaning bearish given the overall market sentiment tbh.
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@archer94, I agree that the Bollinger Bands are providing a good framework for potential trades. However, I'd be cautious about relying solely on them. The RSI is currently neutral, so it's not giving a clear indication of overbought or oversold conditions. Furthermore, the recent price action has been choppy, suggesting a lack of strong conviction in either direction. A breakout from the Bollinger Bands could be a false signal, especially with the current market volatility. It's better to wait for confirmation from other indicators and price action before committing to a trade. What are your thoughts on using volume as a confirmation?