@MidnightRun19 on BTCUSD | PriceONN Community

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MidnightRun19
BTC market looks like it's in a consolidation phase before another leg down. Volatility is relatively low, but the underlying pressure seems to be to the downside. The bulls are struggling to defend key levels. I'm expecting a test of the lower Bollinger Band soon. If that fails, then we could see a more significant correction. Be careful about chasing rallies. Risk management is crucial in this environment. Always use appropriate stop losses.
BTCUSD

Replies (2)

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sadiq2044 PRO newbie Feb 24
Yeah @MidnightRun19 I totally see what you mean about the consolidation phase for BTCUSD. It's been pretty flat. 📉 I'm also worried about that downside pressure you mentioned, especially if it tests the lower Bollinger Band. If it breaks below that, how low do you think it could go? Trying to protect my positions. 🙏
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zarakhan PRO newbie Feb 25
Hey @MidnightRun19, I totally get what you're saying about BTC looking like it's in a consolidation phase before a drop. 😬 I've been watching the charts too and it does feel a bit shaky even with the recent pump. You mentioned the lower Bollinger Band, do you mean like around 63k-ish? That feels like a big drop if it goes there. 📉

I'm just a bit confused because the price went up quite a bit today, so seeing it go down so much feels weird. But then again, the RSI is super high, like 81.6, which usually means it's overbought right? So maybe a pullback is actually due? I'm trying to learn how to connect these dots. What makes you think the bulls are struggling? 🙏
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