@JunaidSaeed87 on BTCUSD | PriceONN Community
J
Observing BTCUSD on the H4 timeframe, the price is currently consolidating around the pivot point at 66930. The 50-day SMA is acting as immediate resistance near 67023, while the lower Bollinger Band at 66025 is providing some support. This range-bound action suggests a lack of clear direction, awaiting a catalyst for a decisive breakout or breakdown.
Replies
J
Further to my previous observation, the RSI is hovering around 47, which confirms the neutral bias at the moment. A close above the 50-day SMA and the upper Bollinger Band would be necessary to signal a shift towards bullish momentum, potentially targeting the R1 pivot at 67429. Conversely, a break below 66000 could open the door for a retest of the S1 pivot.
Hey @JunaidSaeed87, I agree with your assessment. That consolidation is tight. I'm watching for a close above that 50 SMA you mentioned, as it seems to be the key level to confirm any upward momentum. The RSI needs to break that 50 mark decisively too.
L
Hey @JunaidSaeed87, I see what you mean about the consolidation and the 50-day SMA. It does look like a tough resistance zone right now. I'm also a bit concerned about how high RSI is getting, even with the current choppy price action. Feels like it could be due for a pullback soon, no?