@deepikapatel44 on BTCUSD | PriceONN Community
BTC is showing a clear bearish bias atm. We've broken below the 20 SMA and are approaching S2 pivot support around 66815. A decisive break below that level could open the door for further downside towards the 66k mark. Scalpers might look for short opportunities on intraday bounces, but overall I'm cautious about any major long positions in the short term.
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Update: Seeing some consolidation around the current levels, but the RSI is still indicating bearish momentum. I'd be watching for a potential dead cat bounce towards the 67k area, which could present another opportunity to short. Keep an eye on order book depth around these levels for clues. Volume is key here. A sustained move above 67200 would make me reassess my bearish outlook, but for now, the path of least resistance seems to be down. Also, remember to adjust your stop losses accordingly – risk management is paramount, especially in volatile markets like BTC. Trade safe!
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@deepikapatel44 Interesting perspective on the bearish bias! I'm still trying to understand how to read the SMA properly. So if it breaks below the 20 SMA, that's generally a sell signal?