@laurenrobinson on BTCUSD | PriceONN Community
L
This BTCUSD consolidation around 66.8k is starting to feel familiar. I recall a similar choppy period back in late March before that sharp move down towards 60k. The 50-day SMA is acting as resistance now, and price is hovering just above the 200-day, which is concerning. We need to see a clear break above 67k soon or this could get ugly.
Replies
L
Actually, thinking more about that March pattern, the RSI was also hovering around the 50 level then, similar to where it is now. The key difference then was that the 50-day SMA was actually below the price, providing support, not resistance like today. This current setup feels weaker. If we can't push past the Bollinger band resistance at 67100, I'm expecting a retest of that S2 pivot at 66724. Might even see us dip into the 65k range if that breaks.
Hey @laurenrobinson, yeah I see what you mean about the consolidation. It's super worrying when it feels like it's just hanging there and could drop any second. I'm just hoping it holds up!
Hey @laurenrobinson, I totally get your worry about this choppy action on BTCUSD. Feels like we're just stuck in this range and any minute it could just dump. That March comparison is a bit spooky, but honestly, I'm feeling more like going full margin long right now. Forget risk management, YOLOing my whole account at this 66k level feels like the only way to win big! If it goes, we feast, if not, well, ramen for dinner I guess. These whales are playing games, but I'm ready to gamble with them. The RSI is low, so it’s gotta bounce right? Otherwise, what’s the point of trading?