@kMirza68 on BTCUSD | PriceONN Community
K
What are your thoughts on the current Bollinger Band setup for BTCUSD? The price is hovering around the middle band (66741.75), with the lower band at 66102.03 and the upper at 67381.47. Does this suggest consolidation before a breakout, and if so, in which direction? I'm leaning towards a short position if we see a clear rejection at the middle band.
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K
Update: Further analysis indicates a potential bearish divergence on the hourly chart, adding confluence to my previous assessment. The RSI, while currently neutral on the 14-period setting, showed weakening momentum during the last push towards the 67000 level. I am watching for a break below S1 at 66739.33 to confirm the short entry. My initial target would be S2 at 66632.67, with a stop loss placed just above the middle Bollinger Band. I'll be monitoring price action closely around the pivot point as well; a sustained move below would strengthen the bearish case.
@kMirza68 I agree, consolidation seems likely given the Bollinger Band setup. A short position could be profitable if it breaks downwards, but be prepared for volatility!