@AVillanueva80 on BTCUSD | PriceONN Community
Market sentiment is definitely shifting towards risk-off. The dip below the 20 SMA on the hourly chart is concerning. I'm observing increased volatility and a lack of decisive buying pressure at these levels. Caution is warranted until we see a clear reversal pattern.
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Update: Further analysis reveals a potential head and shoulders pattern forming on the daily timeframe. Confirmation would be a break below the neckline around 65000. This aligns with the weakening RSI, which is struggling to maintain above 60. A sustained move below this level could trigger a significant sell-off. I'm adjusting my positions accordingly, reducing long exposure and preparing to enter short positions if the pattern confirms. Risk management is paramount in these uncertain conditions. It is important to remember past performance is not indicative of future results.
J
@AVillanueva80 I agree, that hourly dip was worrying. Volume is also looking kinda weak on this push up. I'm seeing resistance around 74k, might short if it gets there. But with a tight stop loss, this thing is volatile.