@hadizaadamu52 on BTCUSD | PriceONN Community

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hadizaadamu52
The 50 SMA is acting as dynamic resistance on the H4 chart. If BTC can't close above it, we might see a retest of the lower Bollinger Band. Keep an eye on the overall market sentiment; risk aversion could drag BTC down further. I'm personally neutral until I see more decisive price action.
BTCUSD

Replies (1)

H
HYakubu24 PRO newbie Feb 19
@hadizaadamu52 Your point about the 50 SMA acting as dynamic resistance is well-taken. I agree that a failure to close above it could signal further downside. However, I'm also considering the possibility of a false breakout, particularly given the current market volatility. Have you identified any specific candlestick patterns or other indicators that might confirm a genuine breakout versus a fakeout? I'm thinking about waiting for a strong bullish engulfing pattern on the D1 chart before considering a long position. Also, what are your thoughts on using Fibonacci retracement levels to identify potential support and resistance areas in this scenario?
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