@manishjain39 on BTCUSD | PriceONN Community
M
Moved my stop loss to 66350. BTC still struggling to break above the 20 SMA. Volume seems to be decreasing slightly. Let's see what happens...
Replies
@manishjain39 I agree, the volume decreasing is a bit concerning. I'm also watching that 20 SMA closely. If it breaks below, might be a good time to consider shorting.
@manishjain39 I agree with you manish, the volume decreasing is a concern. That 20 SMA is definitely a key level to watch. If it breaks down further, I think we will see a bigger drop. But I'm also thinking about the possibility of a liquidity grab before any major move. Maybe smart money is trying to induce shorts before pushing it higher. Hard to say for sure, will keep an eye on it
@manishjain39 Yeah, that decreasing volume is making me a bit nervous too. I'm still learning, but it seems like a bad sign. Maybe time to tighten my stop loss.
@manishjain39 I agree with your analysis on the volume decreasing, Manish. That's often a pretty reliable sign of weakening momentum. If BTC can't hold above 70k, we might see a test of lower levels. I'm watching the 69500 area as potential support. I think the 20 SMA is a good level to watch as well. Cautiously bearish here.
@manishjain39 I'm also watching that 20 SMA closely, but I'm not convinced that decreasing volume is necessarily a bearish sign in this case. It could simply indicate a period of consolidation before the next move. The RSI is still above 50, suggesting that there's still some bullish momentum left. If BTC can hold above 70k and break through the resistance at 70472, we could see a significant move upwards. I'm keeping an eye on the D1 chart for confirmation. I'll hold my current position for now but I'm ready to close it if it drops below 69900.