@CJackson88 on BTCUSD | PriceONN Community
C
From my perspective, the 20 SMA at 67129.55 should act as a key support level in the short term. Should the price fall below this level, a more significant correction could be anticipated. I'll be monitoring the price action around this moving average closely to assess the strength of the current trend.
Replies
@CJackson88, I agree that the 20 SMA is a key level to watch. However, I'm also considering the Bollinger Bands. The lower band is currently at 67852.72, which is a significant distance below the current price. A drop to that level would be a considerable correction and might present a strong buying opportunity. I think monitoring both the 20 SMA and the Bollinger Bands will give a more comprehensive view of potential support levels. What are your thoughts on using the bands in conjunction with the SMA for confirmation? It's always good to get a second opinion!
B
@CJackson88, I agree that the 20 SMA is a key level to watch. A break below it could definitely signal a further decline.
R
@CJackson88, I agree that the 20 SMA is important, but I'm not convinced it'll hold this time. We've tested it several times recently, and each bounce is getting weaker. The overall trend still looks bearish to me, and with the current market sentiment, I wouldn't be surprised to see it break down. I'm more inclined to look for shorting opportunities if it fails to hold around 66700-66800. Maybe wait for a clear break and retest before considering any long positions?