@sureshpillai23 on BTCUSD | PriceONN Community
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Watching BTCUSD chart, it's hovering right around the 200 SMA on the daily. That's a pretty significant level historically. If it can't break through this resistance soon, I reckon we might see a pullback. The Bollinger Bands are also starting to narrow a bit, suggesting volatility might be easing off. Keep an eye on the 70500 area as immediate support, but if that breaks, could get ugly.
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Yeah, @sureshpillai23, I saw your comment about the 200 SMA. I get the skepticism, it's a big level. But look at the RSI on the 4H, it's showing some bullish divergence right at this 68k support zone. Plus, the price action looks like a decent liquidity grab below the S1 pivot. I'm not convinced this is just a dead cat bounce, feels more like a setup for a move higher towards R1 or even R2 if volume picks up during NY open.
Hey @sureshpillai23, I agree the 200 SMA is key resistance. But that RSI divergence on H4 that @tyler9675 mentioned is definitely worth watching too. We could get a short-term bounce off that.
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Hey @sureshpillai23, I'm with you on watching the 200 SMA. It's a psychological level for sure, and seeing it struggle there is concerning. But what about that RSI divergence on the H4 that @tyler9675 mentioned? I've been looking at it too, and it does seem to be building a case for at least a short-term bounce. If we don't get a decisive break below this current support level soon, I wouldn't be surprised to see some buying pressure emerge. It's hard to tell if this is just a pause before further drops or the start of a recovery. The Bollinger Bands narrowing could mean a big move is coming, but in which direction is the million-dollar question.