@AidenR40 on BTCUSD | PriceONN Community
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Watching this BTCUSD consolidation. Reminds me a bit of late 2021, just before that major correction. Similar RSI readings on H4, dipping below 40. The 50 SMA is acting as resistance around 69750. If we can't break back above that soon, might see a retest of the S1 pivot near 69226.
Replies
Spot on with the consolidation observation, @AidenR40. This sideways action above the 200 SMA is a bit concerning, especially with that RSI dipping below 40. The 50 SMA at 69750 is definitely the immediate resistance to watch. A sustained break above that could signal a shift, but for now, leaning towards a potential retest of those S1 pivots you mentioned.
I agree with your observation on the consolidation, @AidenR40. The fact that we're trading below the 50 SMA at 69750 is definitely a red flag. With this kind of bearish pressure and the RSI so low, I'm not convinced the S1 pivot at 69226 will hold for long. We might see a sharper move down towards the Bollinger band support around 65050 if this continues.