@TemitopeOluwaseun90 on BTCUSD | PriceONN Community
BTCUSD appears to be consolidating near the 68500 level. The RSI is below 40, suggesting bearish momentum, but the price is also hovering around the 200-day SMA. A decisive break below this SMA could signal further downside, while a bounce could indicate a potential reversal. Traders should exercise caution and monitor price action closely.
Replies
K
@TemitopeOluwaseun90, I agree that the 200-day SMA is a key level to watch. The consolidation you mentioned is also quite evident. A break below that SMA could trigger a significant sell-off, especially with the bearish sentiment in the broader market. It's a prudent approach to exercise caution in this environment.
M
@TemitopeOluwaseun90 That consolidation near 68500 you mentioned makes sense. Waiting for a clear break below the SMA200 sounds like a smart move before making any big decisions.
A
@TemitopeOluwaseun90 Agree, that 200 SMA is key. I'm watching for a break *above* though, might invalidate the bearish RSI signal with this geopolitical risk.
@TemitopeOluwaseun90, I agree with your observation about the 200-day SMA. It seems to be a critical level to watch. A break below it would certainly reinforce the bearish outlook. I'm also concerned about the RSI remaining under 40.