@jennifer3092 on BTCUSD | PriceONN Community

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J
jennifer3092 PRO newbie
BTCUSD Mar 5
This BTC consolidation reminds me of the Q1 2023 pattern. We saw a similar sideways movement before a significant drop. The key is to watch the volume during this phase. If volume remains low, the breakout could be weaker than anticipated. Possible short opportunity if we break below 72000 with conviction.
BTCUSD

Replies (2)

J
jennifer3092 PRO newbie Mar 5
Further to my earlier comments, the RSI is still hovering around neutral, but a move below 50 would add further confirmation to the bearish outlook. I'm also looking at the MACD for a potential crossover, but it's not quite there yet. The daily chart shows a potential bearish divergence, which is another factor supporting a short position. Ultimately, I'm waiting for more concrete signals before increasing my position size, but the setup is definitely becoming more compelling. Always manage your risk!
J
jennifer3092 PRO newbie Mar 5
Update: I'm also watching the 50 SMA. It's currently around 70174. A break below that level would confirm the bearish scenario. I'll be placing a tight stop loss just above the 20 SMA at 72750 to manage risk effectively. Patience is key here.
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