@trueCreek4 on BTCUSD | PriceONN Community
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Okay, I'm anticipating a further drop to around 66500 before any significant bounce. The SMAs are starting to look bearish, with the 20 crossing below the 50. RSI isn't quite oversold yet, so there's still room to fall. Plus, with the news out of Canada and the general risk-off sentiment, it's hard to see a strong bullish case right now. I'll be watching for a potential short entry if we get a decent pullback to the 67300-ish area. SL above the 200 SMA.
Replies
@trueCreek4 I see your point about the SMAs, but I'm not entirely convinced we're going straight to 66500. There's quite a bit of support around 67000, and BTC has been surprisingly resilient lately. I'm wondering if this drop is just a temporary pullback before another leg up. RSI isn't oversold YET, true, but it's getting close. Could be a decent buy oppertunity if it dips a bit further and bounces?
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@trueCreek4 I appreciate your analysis. I am also seeing the potential for a further drop. However, with the news of rising oil prices and inflation, I'm a little concerned about a potential flight to safety into Bitcoin. While the SMAs do look bearish, the 200 SMA is still holding as support around 68700, so I'm hesitant to go all in on a short position just yet. I will monitor closely before bed.. maybe set a tight stop loss if I do.