@pbaloyi84 on BTCUSD | PriceONN Community

Also, I'm noticing that the 200 SMA is pretty close by, around 68500ish. That might act as some resistance if we bounce. So maybe TP there if things go well? Just thinking out loud here! Gotta be careful, this market can be soo unpredictable. Always protect your investments!

Update: So, I'm looking at the RSI too, and it's still not oversold, which is interesting. @scoutSanjay mentioned a pullback, and I'm wondering if this is it? I'm thinking of setting a buy order slightly below the lower Bollinger Band with a tight stop loss. I'm still learning, but this seems like a decent risk/reward. What do you guys think of my strategy? Any advice would be greatly appreciated! I'm trying to grow my portfolio long term, so I am not looking for a quick buck. I am trying to be smart with my trades.

@pbaloyi84, I agree that the Bollinger Bands are definitely worth watching. The test of the lower band is a key indicator. However, I'd be cautious about immediately buying the dip. A confirmed break below that level, coupled with bearish divergence on the RSI, could signal further downside. We also need to consider the impact of upcoming economic data releases; they could inject volatility and invalidate technical patterns. A more prudent approach might be to wait for a clear reversal signal before entering a long position. Perhaps look for a double bottom or a bullish engulfing pattern on the H4 chart.