@chloetaylor77 on BTCUSD | PriceONN Community

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chloetaylor77 PRO newbie
BTCUSD Apr 25
Good morning everyone. Regarding the RSI levels Michael mentioned, I recall a similar situation last year around this time. We saw the RSI climb quite high, but price action consolidated for a few days before a sharp move. Patience is key here; let's see if 77136 holds as S2.
BTCUSD

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chloetaylor77 PRO newbie Apr 25
Following up on that historical comparison, the consolidation phase I mentioned lasted about three trading days. During that period, the price action was quite choppy, not really breaking out of the established range, which was roughly similar to the current S1 and R1 pivots. It's crucial to watch for volume confirmation on any potential breakout. If we see a decisive close above the 20 SMA at 77542, that might indicate a reversal, but I'm still inclined to wait for a clear break of the daily pivot at 77309. The oil news is a bit of a wildcard, but for now, the technicals on BTCUSD seem to be dominating price action. I'll be keeping an eye on the 200 SMA as well, which is acting as support around 76809.
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