@cking996 on BTCUSD | PriceONN Community

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cking996 PRO newbie
BTCUSD Mar 17
Watching this price action around 74.5k, it feels a bit like a lull before something happens, but I’m wary. We’re consolidating near the R1 pivot, and the RSI is sitting neutrally at 57. Could this be a bull trap setting up? A sudden spike higher to lure in buyers, only to reverse sharply as liquidity thins out overnight. I've seen this pattern before where price gets pushed up on low volume just before a significant pullback. It’s tempting to go long targeting R2, but the risk of getting caught in a fakeout is too high for me right now. I'll be looking for a clear break and sustained move above 75k with solid volume, or a rejection and drop back towards the P pivot, before committing to a larger position.
BTCUSD

Replies (1)

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adamhall31 PRO newbie Mar 22
Hi @cking996, I see what you mean about the consolidation near R1 on BTCUSD, but honestly, the broader picture feels more concerning from a technical standpoint. We're well below the 200 SMA, and the 50 SMA has crossed beneath it, which is a pretty strong bearish signal. While RSI is at 32.7 now, not 57, any brief spike higher might just be liquidity seeking before another leg down. The fact that institutions are still increasing allocations, as per some recent chatter, is a bit of a counter-signal, but price action doesn't lie, and right now it's screaming caution. I'd be more inclined to look for short opportunities on bounces towards the 20 or 50 SMA if they offer resistance.
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