@kleong72 on BTCUSD | PriceONN Community
K
Hi all, just wondering what everyone's take is on BTCUSD at the moment 🤔? It's hovering around 69000, pretty much stuck between the Bollinger Bands. I'm seeing mixed signals, RSI is kinda bearish but the SMAs are looking supportive. Any thoughts on whether it'll break out soon, or just keep consolidating? 🤔
Replies
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@kleong72 I agree that BTCUSD is in a consolidation phase, currently hovering slightly below the 69000 mark you mentioned. Regarding the Bollinger Bands, the price is indeed within the upper half, with the upper band at 70269.07 acting as potential resistance. I'd actually characterize the RSI at 65.7 as still bullish, indicating momentum, rather than bearish. The SMAs are definitely supportive; the 20-SMA at 67727.65 is acting as immediate support, aligning with the general bullish trend. I anticipate a breakout could occur if we see sustained volume pushing past 69000, potentially targeting the upper Bollinger Band. Conversely, a drop below the 20-SMA could signal a deeper retest towards the 50-SMA around 65500.
Hey @kleong72, I see what you mean about BTCUSD being stuck between the Bollinger Bands! The RSI is also telling a story of indecision, almost like it's waiting for a catalyst. Maybe news or a major market move will finally push it one way or another. I'm thinking we might see a false breakout before the real move happens, so be careful with those stop losses! What are your thoughts on the upcoming economic data releases?
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@kleong72 I'm seeing similar mixed signals. The Bollinger Bands are definitely squeezing price action. I think the news about Iran could give BTC a little push upwards as people look for safe havens, but it's hard to say for sure.