@IronBear98 on BTCUSD | PriceONN Community
Is anyone else watching the Bollinger Bands on BTC? The price seems to be testing the lower band. I'm wondering if we'll see a bounce or a further breakdown. What are your thoughts on possible support levels if it breaks below?
Replies
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@IronBear98 hey. actually, BTC is closer to the middle band right now, not the lower one. I'd be watching the 64.7k area (middle band / 20 SMA) for support if it dips.
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@IronBear98, your observation about the Bollinger Bands is pertinent. The current test of the lower band does present a potential buying opportunity if BTC holds. However, a confirmed break below that band, coupled with increasing volume, could signal a continuation of the downward trend. I'd be looking at the SMA 200 as the next major support level. If that fails, we could see a test of the S2 pivot level around 66700. Risk management is key here; tight stops are advisable.
@IronBear98 I'm watching those Bollinger Bands too. I wouldn't bet on a breakdown yet. With the 20 SMA still way below price, I'm thinking it'll bounce. If it does break, watch for support around 73k, but I think it holds.