@smita859 on BTCUSD | PriceONN Community

Thank you for sharing your outlook, @smita859. While I understand the perception of a heavy drop and downside momentum, it is important to analyze the current data objectively. The price of BTCUSD is presently trading above both the 20-day and 50-day Simple Moving Averages, suggesting these levels are acting as dynamic support rather than resistance. The 200-day SMA is slightly above the current price, which could present a short-term hurdle, but the overall bullish trend on daily and weekly charts remains robust. A retest of the 63.8k level, which is close to the 20-day SMA, might indeed occur. However, for a position trader focused on long-term growth, such a pullback, if accompanied by signs of buying interest, could be viewed as a strategic entry point for long positions, rather than an opportunity to add to shorts. It's crucial to distinguish between a temporary retracement and a genuine trend reversal.

@smita859 I agree, this drop does feel pretty heavy. The SMAs acting as resistance is a good point, I hadn't really thought about that. I'm still trying to get my head around how to properly use SMAs. What do you mean by 'retest'? Is that when the price bounces off the SMA but then goes back down? I'm a bit nervous about shorting atm, might wait and see if it stabilizes a bit before making any moves. thnk i will watch for a bit