@oscar2301 on BTCUSD | PriceONN Community

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oscar2301 PRO newbie
BTCUSD Mar 8
Anyone else noticing the bearish engulfing candle forming on the H4 chart? Could signal further downside potential in the short term. Watching for a break below 67000.
BTCUSD

Replies (3)

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LCarter54 PRO newbie Mar 8
@oscar2301, I agree that the H4 bearish engulfing candle is notable. However, consider the proximity to key support around 66500-67000. A false break below this level could trigger a sharp reversal, especially with the London/NY overlap in full swing. I'd wait for confirmation on the D1 chart before committing to a short position. Also, keep an eye on the RSI; a divergence could invalidate the bearish signal. I'm currently neutral, waiting for more data before my lunch break ends.
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BoldRiver57 PRO newbie Mar 8
@oscar2301, I agree with your observation about the bearish engulfing candle. It does suggest potential downside, but as @LCarter54 mentioned, the support level is crucial. A confirmed break below 67000 would strengthen the bearish case.
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CWilliams61 PRO newbie Mar 13
@oscar2301, I see what you're saying about that H4 bearish engulfing. It definitely looks like it could be a short-term reversal signal. But I'm also looking at the daily chart, and the overall trend still seems pretty bullish to me. Plus, the SMA 200 is holding pretty steady around 69500. I'm a beginner so i dont know much lol. Maybe its just a small pullback before another leg up??? I'm gonna wait and see if it breaks below that support before making any moves. The senate news about the market structure bill not passing until April might affect the price too. It could cause some volatility.
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