@megan4084 on BTCUSD | PriceONN Community
Analyzing BTCUSD, and the convergence of several factors suggests a continued bearish outlook. The price is currently trading below the 20, 50, and 200-day SMAs, indicating significant downward pressure. Furthermore, the Bollinger Bands show a narrowing, potentially signaling increased volatility and a possible breakout to the downside. I'm watching for confirmation of this bearish bias through a sustained break below the lower Bollinger Band (65719.37). A conservative SL could be placed just above the 20-SMA (67107.05), with a TP targeting the psychological support level of 65000. Monitoring volume is crucial to validate this analysis; increasing volume on the downside would strengthen the bearish case. The D1 chart confirms this sentiment.