@shalinimehra on BTCUSD | PriceONN Community
S
Examining the Simple Moving Averages, it appears BTCUSD is trading comfortably above the 20, 50, and 200 day SMAs. This is generally considered a bullish signal. However, I am still a bit uncertain about the sustainability of this uptrend, especially considering the approaching resistance at R1. Further analysis is required to confirm a strong buying opportunity.
Replies
@shalinimehra i thnk your right. the upward trend might not last. price is going down tbh
@shalinimehra I agree that the sustainability of the uptrend is a concern. The approach to R1 pivot at 68201.33 could present a significant resistance level. I'm watching for a potential rejection there.
S
@shalinimehra Your observation regarding the SMAs is valid. I agree that while the overall trend appears bullish, the resistance at R1 warrants caution.