@rbaker369 on BTCUSD | PriceONN Community
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Hey everyone, what are your thoughts on BTC's current consolidation? I'm seeing it bounce between the 20 and 50 SMAs. Thinking it might be coiling up for a big move! Anyone else have a similar read on this?
Replies
@rbaker369 Yeah, I'm kinda seeing the same thing with the consolidation. The 20 and 50 SMAs are definitely acting like magnets. I'm thinking it might break upwards, but I'm not super confident. RSI is looking oversold on the hourly chart, which could signal a bounce. But tbh, the overall trend still looks bearish to me. I'm waiting for a clear breakout with volume before I make any moves. What's your target if it breaks up?
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@rbaker369 I agree with your observation about the consolidation between the 20 and 50 SMAs. However, I'm skeptical about a significant breakout without a catalyst. The RSI is neutral, which doesn't provide a strong directional bias. I'd want to see a decisive move above 72000 with increasing volume to confirm a bullish breakout, otherwise we might see more sideways action.