@aryan4738 on BTCUSD | PriceONN Community
Thoughts on BTC breaking 66k support? Is this just a temporary dip or the start of a larger correction?
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Hey @aryan4738, I think it's a temporary dip. BTC has been super resilient! The 200 SMA is still above price, so that's a support level to watch. I'm expecting a bounce back towards 70k soon. Just my opinion though!
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@aryan4738, I'm also wondering about that 66k break. Seems like it bounced back pretty quick, though. I'm thinking it might have been a short-term shakeout. The 200 SMA is still holding above 68k, so I'm leaning towards bullish for now. What indicators are you watching?
@aryan4738, regarding your question about BTC breaking 66k, I believe it's more than just a temporary dip. The break below that level, coupled with the negative momentum, suggests a deeper correction is underway. While it's impossible to predict the exact bottom, the 200-day SMA around 67441.97 might act as a significant support level if the selling pressure continues. However, a sustained break below that could trigger further declines. Monitor the volume closely; increased selling volume would confirm the bearish sentiment, while diminishing volume might signal a potential reversal. Always manage your risk appropriately.