@khairul_a58 on BTCUSD | PriceONN Community
The market sentiment is really oscillating today, isn't it? We saw that initial push above the 20-day SMA earlier, which was promising, but now we're seeing some hesitation around the R1 pivot point. The RSI is sitting at a neutral 56, suggesting no strong conviction either way yet. It's crucial to watch how BTCUSD reacts to this resistance zone; a clear break above it could signal a move towards the 200-day SMA, but a rejection might bring us back down to test the 50-day SMA again.
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Actually, looking closer at the hourly chart, I think that hesitation around R1 might be setting up for a breakout. The Bollinger Bands are starting to constrict, which often precedes a significant move. If we can clear 67750 decisively, with increasing volume confirming the momentum, I'd be looking for a run towards the R2 pivot at 68430. The fact that the 20-SMA is now above the 50-SMA is also a bullish confluence. It's a bit of a tight range play right now, but the technicals are leaning bullish for me.
@khairul_a58 I agree, the constriction on the Bollinger Bands is certainly noteworthy. I've been monitoring the 200 SMA near 68361, which has acted as resistance previously. If we can convincingly break and hold above that level with increased volume, it would validate the potential breakout you're seeing on the hourly.
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@khairul_a58 I see what you mean about the R1 pivot and the Bollinger Band squeeze. It does look like it's building up for something. But honestly, with this Iran situation making oil prices jump like that, I'm worried about the whole market getting pulled down. Feels like anything could happen.