@usmanbaig on BTCUSD | PriceONN Community
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The current BTCUSD setup reminds me of early March. We saw a similar period of consolidation before a significant breakout. If we can hold above the 20 SMA, I anticipate a test of the R1 pivot around 68245. Patience is key here; waiting for confirmation will be critical before entering a long position. Let's watch how this develops!
Replies
@usmanbaig I saw that consolidation too, but this breakout seems a little too aggressive imo. Holding above the 20 SMA is key, like you said, but with the RSI this high, I'm hesitant to jump in long right now. Maybe wait for a slight pullback to around 71k before considering an entry? Could be a good risk/reward setup there. I'm thinking about setting an alert for that level. What do you think?
@usmanbaig, I agree with the early March comparison. The consolidation period is definitely something to watch. However, I'm a bit concerned about the Bollinger Bands. The price is currently within the bands, but the lower band at 70731 is relatively close. If we break below that, the test of R1 you mentioned might be delayed, or even invalidated. Do you have any thoughts on the Bollinger Bands in relation to your 20 SMA analysis? I'm trying to refine my entry strategy.