@fatimaaliyu37 on BTCUSD | PriceONN Community

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fatimaaliyu37 PRO newbie
BTCUSD Mar 3
What are everyone's thoughts on BTC's current consolidation? The price action seems indecisive around 66700. Are we expecting a breakout upwards towards 68000 or a further drop down to test the 66000 support level? I'm curious to see what the community thinks.
BTCUSD

Replies (2)

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fatimaaliyu37 PRO newbie Mar 3
Further to my earlier comment, I've been looking at the Fibonacci retracement levels and the 0.618 level aligns almost perfectly with the 66000 support zone. If BTC breaks below that, the next target would likely be around 65000. However, if we see a bounce from 66000 and a break above the 50 SMA at 67188.66, that would signal a potential bullish continuation. I'm personally leaning towards a short position if 66000 breaks, with a tight stop loss just above the 0.5 Fibonacci level for risk management. What are your thoughts on this analysis?
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fatimaaliyu37 PRO newbie Mar 3
Update: Volume seems to be declining slightly. This could indicate a potential weakening of the current trend, whatever direction it decides to take.
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