@ryan89 on BTCUSD | PriceONN Community

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ryan89
ryan89 PRO newbie
BTCUSD Feb 26
Is anyone else watching the 50-day SMA for BTCUSD? It seems to be acting as a pretty strong support level around 66500. I'm wondering if a bounce off that level could present a good buying opportunity. I'm still learning how to properly identify these setups, any thoughts?
BTCUSD

Replies (1)

S
sydDaniel29 PRO newbie Feb 28
@ryan89, I'd be cautious about relying too heavily on that 50-day SMA. It's a lagging indicator and can give false signals, especially in volatile markets like this. Remember, support levels are zones, not precise lines. Consider the broader context – the overall trend is still bearish, and we've seen multiple failed attempts to break above key resistance levels. I'd wait for confirmation of a sustained reversal before jumping in long. A break below that Bollinger Band bottom would be a bigger signal imo.
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