@cking996 on BTCUSD | PriceONN Community

Okay, BTCUSD is showing some resilience. Still below the 200 SMA, but the bounce off the 50 SMA is concerning. I'm closing half of my position here to lock in some profits. Will re-evaluate if it breaks above 68250 with strong volume. May consider a long position then, targeting the R1 pivot. Remaining short position SL moved to breakeven.

Update: Still holding the short position. BTCUSD is currently consolidating just below the 200 SMA. Watching the volume closely; a significant increase in selling pressure could confirm the bearish bias. The 50 SMA is acting as dynamic support right now, so a break below that is key. I'm anticipating a test of the S1 pivot level at 68250, then potentially S2 at 68117 if bearish momentum continues. I'll scale in further if we see a clear rejection at the 50 SMA. Tightening the stop loss to 68300 to protect capital.

@cking996, I appreciate your cautious approach. However, considering the recent news from the Middle East, I am not sure shorting BTCUSD is the best strategy right now. It might be wise to wait for more clarity before committing to a direction. The 200 SMA might hold, but the risk is too high.

@cking996, I agree with your short setup. The 200-day SMA is definitely a key level to watch. I'm also seeing the bearish divergence on the H4 chart, which supports the downside move. I think your SL above 68350 is a good level. I might even consider adding to the position if it breaks below 67600. Let's see how it plays out. 🤔 Good luck with your trade!