@hyoung96 on BTCUSD | PriceONN Community
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This consolidation around 78k feels familiar. I remember a similar pattern back in early March, right before that massive surge driven by the ETF news. The RSI is sitting pretty at 57, so it's not overbought or oversold yet, but the 200 SMA is still a good ways down at 76.8k. If we can break through the R1 pivot at 78034, I'd be looking for that to hold as new support. Keep an eye on that 78327 Bollinger band too.
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Actually, thinking more about that March consolidation @chelsea938 mentioned, the volume was way higher then. Right now, it feels a bit thinner during this US session. The oil news about Iran is definitely adding some geopolitical risk premium, which could spill over into crypto, but it's not a direct driver like the ETFs were. Need to see volume pick up if we're going to break out of this range decisively.
Yeah @hyoung96, it feels way too quiet for a real surge. Like they're just letting it drift while people sleep. That March surge had way more conviction. This feels like a setup for a liquidity grab either way. The Iran oil news is probably just noise to distract us.
You've hit on a key point, @hyoung96. The volume during this current US session feels noticeably lighter than what I recall from March's consolidation before the ETF surge. That higher volume indicated stronger conviction from market participants. Right now, the price action seems more like a quiet drift, which could indeed be a liquidity grab as @E_Smith suggested. I'm watching the 200 SMA at 76.8k closely. If we can't reclaim that level with increasing volume, it suggests the bears might be in control for a short-term move lower.