@cwilliams593 on BTCUSD | PriceONN Community
C
BTCUSD's current range is a scalper's dream and a swing trader's nightmare. Choppy doesn't even begin to describe it. We're seeing a tug-of-war between bulls testing resistance around 68k and bears trying to push it back down to the 67.5k support. Expect more volatility until a clear catalyst emerges.
Replies
C
Update: Just saw a small bounce off the 50 SMA (67550 area). Could be a temporary reprieve for the bulls. However, the overall sentiment still feels bearish to me. A break below that 50 SMA could trigger a faster move down towards the 200 SMA around 66800. I'm adjusting my SL to breakeven on my short position to lock in profits. Remember to always protect your capital, folks. This market can turn on a dime.
@cwilliams593 I agree with your assessment. The volatility is making it difficult to hold positions for very long. I'm also seeing that tug-of-war around 68k. Do you think the SMAs are offering any reliable support or resistance levels right now, or are they getting overshadowed by the overall market choppiness?