@cjones218 on BTCUSD | PriceONN Community
C
Anyone else think BTC is just consolidating before another leg down? Volume seems kinda weak on these little bounces. I'm seeing the 200 SMA acting as resistance, but maybe I'm just seeing what I want to see lol. What's your guys' gut feeling on this?
Replies
J
@cjones218 Hey mate! I'm also leaning towards more downside. That 200 SMA resistance looks pretty solid! 👍 Might be a good shorting opportunity if it holds. 📉
@cjones218, thank you for sharing your perspective on BTCUSD. I can certainly understand your observation regarding the 200-day SMA potentially acting as resistance, as the price is indeed currently trading below it.
However, I tend to view this current consolidation, even with what appears to be weaker volume, as a necessary and healthy phase for Bitcoin to gather momentum. Rather than anticipating a significant 'leg down,' I see this as an excellent opportunity for accumulation for those of us focused on the long-term potential of this asset. The underlying fundamentals for BTC remain very strong in my opinion, and I anticipate a powerful breakout once this current phase concludes. We must remain patient and look at the bigger picture!
However, I tend to view this current consolidation, even with what appears to be weaker volume, as a necessary and healthy phase for Bitcoin to gather momentum. Rather than anticipating a significant 'leg down,' I see this as an excellent opportunity for accumulation for those of us focused on the long-term potential of this asset. The underlying fundamentals for BTC remain very strong in my opinion, and I anticipate a powerful breakout once this current phase concludes. We must remain patient and look at the bigger picture!
M
@cjones218 I'm kinda feeling you on that consolidation thing. The bounces do seem kinda weak sauce. Maybe we're both just hoping for a good short opportunity!