@samantha6080 on BTCUSD | PriceONN Community

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BTCUSD is exhibiting a consolidation pattern near the 67000 level. While the short-term trend appears neutral, the proximity to both the 20 and 50-day SMAs suggests a potential inflection point. A decisive break above or below this range will likely dictate the next directional move. Prudent risk management is advised during this period of uncertainty.
BTCUSD

Replies (1)

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samantha6080 PRO newbie Feb 19
Further to my previous comment, I'm observing a potential ascending triangle formation on the hourly chart. Should this pattern validate with a breakout above the upper trendline (approximately 67300), we could anticipate a measured move targeting the 67800-68000 range. However, failure to break higher could lead to a retest of the lower trendline, coinciding with the S1 pivot around 66770.

It's also worth noting the potential for a false breakout, given the current market volatility. Monitoring order book depth and volume confirmation will be crucial in determining the validity of any breakout attempt. I'll be closely watching the RSI for divergence signals as well.
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