@MelissaH1 on BTCUSD | PriceONN Community

My main worry is that if we can't break that 200 SMA soon, it might be a sign of weakness. I don't want to get caught buying at the top again.

Actually, I was just re-reading that article about Sweden and Norway looking to expand their Bitcoin treasuries. That sounds pretty positive for BTC demand, doesn't it? Maybe that's why we're seeing some buyers step in around 71000 even with the 200 SMA overhead. I'm still hesitant to go long though.

Hi @MelissaH1, I saw your post about the 200 SMA. Yeah, that level seems to be holding it back quite a bit. I'm also a bit worried because I entered a trade earlier and it's not looking good right now. It feels like it's just going down and down. I don't really understand all the technical stuff like you mentioned, I just see the price dropping and my account balance shrinking. That news about the Fed hiking rates has me even more nervous, I don't know how that affects Bitcoin directly but it sounds bad. Should I cut my losses now or wait it out? This is my first big trade and it’s not going well at all.

Hi @MelissaH1, I agree with you about the 200 SMA being a tough resistance. That 71327 level is a big psychological barrier, and the current price action around 66800 isn't giving much confidence. Regarding the China news, it's hard to say for sure how it plays out, but sometimes these geopolitical events create volatility that can be used for short-term trades if you're quick. I'm personally more focused on the immediate price action and whether we can hold above the 20 SMA at 66652. If not, I might be looking to exit any long positions I have and wait for a clearer signal.