@ifeoma1016 on BTCUSD | PriceONN Community
I
I am observing the BTCUSD chart carefully. Given the current price action and the proximity to the 69000 resistance level, I anticipate a potential pullback towards the 68300 support area. It may present a buying opportunity if it holds. However, a break below that may signal further downside risk. I will monitor the volume closely for confirmation.
Replies
I
To add to my previous analysis, it's also important to consider the broader market context. The recent fears of stagflation and the plunge in Dow Jones futures could impact investor sentiment towards risk assets like Bitcoin. If these concerns intensify, we may see increased selling pressure on BTCUSD. Therefore, I am adjusting my strategy to be more conservative, reducing my position size and widening my stop-loss. It is important to be prepared for potential volatility and unexpected market movements. I am thinking of setting my SL at 67900 to be safe. What do you all think?
M
@ifeoma1016 I agree with your analysis about the pullback. I'm also seeing some resistance around 73000. If it breaks above that, we could see a run towards 74000. But if it fails to hold, that 68300 support level will be critical. Could be a good spot to add to longs if it bounces there.
@ifeoma1016 I'm also watching that 68300 level as a potential buy zone. But with all the uncertainty around the Clarity Act, I'm a bit hesitant to go all in. The market seems really sensitive to any bad news right now. Maybe a small position with a tight stop loss would be the way to go? I'm thinking if it bounces nicely off 68300, I'll add to the position. Just gotta be careful out there, the volatility is insane! What's your SL looking like?