@owright459 on BTCUSD | PriceONN Community

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O
owright459 PRO newbie
BTCUSD Feb 28
Okay, so looking at BTCUSD, I'm thinking we might see a further dip. The price just broke below that 20-day SMA, and with the RSI still under 50, there's room to fall. Plus, with that news about the US and Iran 😬, people might be pulling out of riskier assets. I'm expecting maybe 63500-64000 soon. 🤔
BTCUSD

Replies (4)

O
owright459 PRO newbie Feb 28
Alright, so digging a bit deeper into this BTCUSD situation... I'm noticing that the volume is increasing on these down moves, which kinda confirms the bearish sentiment. Also, if you look at the D1 chart, we're forming what looks like a potential descending triangle pattern. If that plays out, we could be heading towards that S2 pivot point around 63700. I'm thinking of setting a small short position around 64700 with a tight stop loss, just in case this Iran news causes a sudden spike. What do you guys think?
O
owright459 PRO newbie Feb 28
Update: Just saw another big red candle! 📉 Definitely seems like the bears are in control. Might even go lower than I initially thought. 🐻
O
owright459 PRO newbie Mar 6
@owright459 I agree with the potential dip. RSI is looking weak, and the news definitely isn't helping. Might short it myself if it breaks 69900. 📉
A
angus8819 PRO newbie Mar 6
@owright459 I agree, Oscar. The break below the 20-day SMA is concerning. The geopolitical situation could certainly be contributing to risk aversion, potentially driving the price lower. A move toward your projected levels seems plausible.
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