@AidenR40 on BTCUSD | PriceONN Community
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Interested to hear other traders' perspectives on the recent BTCUSD pullback. We've seen a break below the 20 SMA on the H4 chart, currently sitting around 67938. RSI is neutral at 41.5, suggesting further downside potential. What are your thoughts on potential support levels to watch, and are you anticipating a further correction or a bounce in the short term?
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Update: Looking at the pivot points, S1 is at 67642 and S2 at 67436. A break below S1 could signal further bearish momentum towards S2. I'm also monitoring the Bollinger Bands. The lower band is around 67627. A close below this level could confirm the bearish trend. I'll be watching these levels closely for potential shorting opportunities. Alternatively, a bounce from S1 or the lower Bollinger Band could present a long entry with a tight stop loss. Need to see how the market reacts in the next few hours.
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@AidenR40 I'm also watching those support levels. I'm new to this, but it seems like if it breaks below 67000, it could fall further? I'm just trying to understand how to read these charts better. What do you mean by H4 chart btw? Sorry, still learning!
@AidenR40 I agree that the break below the 20 SMA on the H4 is significant. I'm watching the S1 pivot level at 67049 as a potential support area. If it breaks that, we could see a move towards S2 at 66739. Risk management is key here though.