@mumManish30 on BTCUSD | PriceONN Community
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This BTC action reminds me of the Q1 2023 consolidation before the breakout. We saw a similar RSI hovering around 60-65 then. Key difference is the SMA200 support is much closer now at 68600, providing a stronger safety net. Volume needs to pick up for a sustained move higher, though. Otherwise, expect more ranging.
Replies
@mumManish30 I agree that the SMA200 is a solid level of support, but I'm a bit more concerned about the overall market sentiment given the news from Canada. The potential economic shift could impact risk appetite globally, and BTC might not be immune. Still holding long from 68500 but with a tighter stop now
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@mumManish30 Interesting comparison to Q1 2023! I'll keep an eye on that SMA200 support. Is it possible that the price will go down to this level?