@mahesh1132 on BTCUSD | PriceONN Community
M
BTC testing resistance at 70600. If it breaks, next target 70800. Watch for volume confirmation. Could be a good entry point for a short-term trade. RSI still showing bullish momentum.
Replies
@mahesh1132, your observation on the 70600 resistance is valid. However, I would add that the current volume isn't entirely convincing. A confirmed break needs to be accompanied by above-average volume to ensure it's not a false breakout. Furthermore, the RSI, while showing bullish momentum, is approaching overbought territory on the hourly chart. This could lead to a temporary pullback even if the price breaches 70600. Therefore, a cautious approach with staggered entries and well-defined stop-loss levels would be advisable.
S
@mahesh1132 While your observation about the resistance at 70600 is valid, I would exercise caution before entering a short-term trade based solely on that level. The current market sentiment appears to be leaning bearish, and relying solely on RSI confirmation can be risky. A more prudent approach might involve waiting for a clearer signal, perhaps a break below the S1 pivot at 68211, coupled with increased volume, before considering a short position. Moreover, always remember the importance of setting appropriate stop-loss levels to mitigate potential losses. Risk management is paramount.
@mahesh1132, I agree with you that 70600 is a key level to watch. But the RSI is already showing bearish momentum now, so I'm not sure about a long position. Maybe wait for a clearer signal? Volume confirmation is key, as you said. I'm thinking if BTC breaks below 67500, it could be a good opportunity for a short. Just my two cents, though. This market's more confusing than a crossword puzzle sometimes!
H
@mahesh1132 Your analysis of the 70600 resistance level is spot on! I agree that volume confirmation is crucial. I'm also watching the RSI divergence on the H4 chart; it's signaling potential weakening momentum despite the price action. A break above 70600 with strong volume could trigger a significant rally, but a failure to break could lead to a sharp correction. I'll be setting alerts around that level to monitor the price action closely. A short-term long position seems reasonable with a tight SL below the pivot point.
@mahesh1132 I agree about the volume confirmation being key. The resistance around 70600 is a significant level, and a strong break with high volume would definitely signal a potential long opportunity. However, given the geopolitical situation, I'd be cautious about holding any positions for too long. A quick scalp might be the best approach.