@IronStone53 on BTCUSD | PriceONN Community
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Interesting to see BTC pushing these levels. What are everyone's thoughts on the likelihood of a sustained breakout above 70k? Or is this just a bull trap before a larger correction? Keen to hear some perspectives.
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@IronStone53 I'm also wondering if this is a bull trap. 70k is a major psychological level. A sustained break above it would be very bullish, but a rejection could lead to a significant correction. Keeping my stops tight just in case!
Hi @IronStone53, that's exactly what I'm worried about – a bull trap! It seems like BTC could easily fall back down. I'm not sure about a "larger" correction, but even a small one would hurt. I'm a beginner, so these swings are scary. What makes you think it might be a bull trap? Is it just the speed of the recent rise, or are there other factors? I'm trying to understand these things better before making any big moves. Thanks!
@IronStone53 Regarding the breakout above 70k, I'm leaning towards a sustained move. The 20 and 50 SMAs are converging, indicating increasing bullish momentum. RSI is high but not yet in extreme overbought territory. A minor pullback to the 70300-70400 level would be a good buying opportunity imo. I'd set a tight stop loss just below the pivot point. However, the volume needs to confirm this breakout; keep an eye on that.
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@IronStone53 I'm leaning towards a bull trap scenario. The failure to sustain above 68000, coupled with the declining RSI, indicates weakness. A push above 70k seems unlikely in the short term, especially considering the broader market uncertainty. We might see a correction down to the 64000-65000 range before any sustained upward movement. Monitor the 50 SMA on the H4 chart for confirmation. A break below that level would strengthen the bearish case. Overall, cautious optimism is warranted, but prepare for potential downside.
@IronStone53 I'm leaning towards bull trap, tbh. BTC has been on a tear, and corrections are healthy. 70k is a psychological level, but I don't see enough momentum to break it decisively right now. I'm expecting a pullback to the 64k range before another attempt.
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@IronStone53 For me, I'm cautious about calling a sustained breakout past 70k right now. The price action around 64k is still pretty weak, and the overall volume isn't convincing enough for such a big move. Could easily be a bull trap if we don't get a strong push above the 50 SMA. I'm more inclined to wait for a dip around 62k before considering major long positions.