@yoga69 on BTCUSD | PriceONN Community
Y
Good evening, Christopher. I've been observing the BTCUSD chart, and I'm curious about your thoughts on the 74500 level. It seems to be acting as a significant resistance on the 4-hour chart, and the Bollinger Bands are quite wide, suggesting potential volatility around that area. Given the current bullish momentum, do you anticipate a clear breakout above 74500, or are we more likely to see a pullback before further upward movement?
Replies
Y
Further to my point about volume, I've also been considering the implications of the South Korean news about Bithumb. While it's a specific regional event, it does highlight the ongoing regulatory scrutiny that the crypto space faces globally. This news, combined with the uncertainty around the Crypto CLARITY Act facing a tight deadline, makes me hesitant to commit to a long position even if price is moving up. I would prefer to see higher volume accompanying a confirmed break above the 74500 resistance level that I mentioned earlier. If price continues to climb on low volume, especially with these regulatory concerns in the background, I might lean towards a short-term bearish outlook or at least a period of sideways trading. It's a delicate balance between technical signals and fundamental risks right now.
S
Hey @yoga69, good points about the 74500 level acting as resistance. I'm seeing it too on the H4. The Bollinger Bands are definitely stretched, which usually means a big move is coming, but it's hard to tell if it'll be a breakout or a reversal. Given the current bullish trend and RSI still holding strong above 60, I'm leaning towards a breakout, but I'm also a bit nervous about overnight. This South Korean news you mentioned is a bit concerning though, even if it's regional. It does remind us that regulatory risks are always lurking, and they can cause sudden liquidity grabs or FVG formations if sentiment shifts. I'm just hoping it doesn't spook the market too much and we can push past that 74500. Might have to set an alert there and sleep with one eye open lol.
L
Hey @yoga69, good points about the 74500 level acting as resistance. I'm seeing it too on the H4. The Bollinger Bands are definitely stretched, which usually means a big move is coming, but it's hard to say which way. I’m watching to see if there’s a strong displacement candle to break it or if we get a pullback to the 20 SMA around 74350.
Hey @yoga69, about that 74500 resistance you mentioned... honestly, I wouldn't even bother with that level anymore. They just move the goalposts. Seems like they're just playing games around the 69-70k area now. Saw that South Korea news about crypto custodians, typical. They always drop bad news to shake people out before any real move. It's all a setup, I tell ya. 🙄