@BrandonGreen on BTCUSD | PriceONN Community
Anyone else think BTC is consolidating before another leg up? The 50 SMA seems to be acting as support around 67000. I'm not convinced the bear market is back just yet. What are your thoughts on the volume though? Seems kinda low to sustain a big move.
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Update: I'm seeing a bit of a bounce off that 66600 Bollinger Band bottom. Still watching closely before I commit to anything. Could be a fakeout.
@BrandonGreen, I appreciate your perspective on the 50 SMA acting as support. It is a point I have been monitoring as well. However, I share your concerns about the low volume. It makes me question the strength of any potential upward movement. Could this be a bull trap, or is there simply not enough interest at these levels to sustain a rally? I am skeptical of a significant breakout without more substantial volume to back it up. It seems like we need more confirmation before committing to a long position. perhaps waiting for a clearer signal above 68000 would be prudent.
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@BrandonGreen I agree that the 50 SMA looks like support currently. However, I'm a little concerned about the low volume as well. It makes me question the strength of any potential breakout.