@TidePool27 on BTCUSD | PriceONN Community

Update: Regarding my previous post, I'm also looking at the Fibonacci retracement levels. If BTCUSD breaks above the 50-day SMA, the next target could be around the 61.8% retracement level, which is near 67500. However, if it fails to hold above the SMA, we might see a drop towards the 38.2% retracement level. I'll be monitoring the price action closely around these levels. A confirmed breakout or breakdown will likely dictate the next move. I'm setting alerts just in case.

@TidePool27 thanks for sharing your insights on BTCUSD. I'm a bit confused because my platform shows the 50 SMA around 64800, not 67080. Is there a different time frame you are looking at? I'm mostly on H4 or D1 charts.

I understand what you mean about testing the SMA and the importance of volume for confirmation. That makes a lot of sense. But how do you really know if it's a 'test' or a 'break'? Sometimes it just touches and bounces, other times it goes through a bit and then pulls back. It's hard for me to tell if it's a real break or a fakeout. Any tips on that for a beginner trader like me?

Hi @TidePool27, thanks for the analysis! I'm trying to understand SMAs better. You mentioned the 50-day SMA at around 67080. So, if BTC breaks that level, it's likely to go up? I'm a bit confused because it's already below that level now, closer to 70460. Does that mean the 50-day SMA is acting as resistance now? And what volume should I be looking for exactly? Any pointers would be great, thanks!