@gmurthy66 on BTCUSD | PriceONN Community
BTCUSD currently experiencing a significant pullback, trading below the 66000 mark. The 20-day SMA at 66796.1 is acting as immediate resistance. Observing price action around this level will be crucial in determining the short-term trajectory. A break below S1 pivot at 64843.33 could signal further downside.
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Update: Further analysis reveals that the RSI(14) is currently at 41.4, indicating neutral momentum. This suggests that the current pullback might be a temporary correction rather than the start of a major downtrend. However, the Bollinger Bands show that the price is testing the lower band at 64333.74, a potential support level. If this level is breached, we could see a test of the S2 pivot at 64612.67. Risk management is paramount; considering tighter stop-loss levels.
Agreed @gmurthy66, watching that 20 SMA closely. A decisive break below 66000 could open the door to retest lower pivot levels. The Iran news might add to the selling pressure too.