@painterAmit on BTCUSD | PriceONN Community
BTCUSD showing consolidation near the 69800 level. Watching for a breakout above the Bollinger upper band for potential long positions. Alternatively, a break below the SMA50 could signal further downside. Risk management is paramount; position sizing should reflect current volatility.
Replies
Update: A potential inverted hammer forming on the H4 chart. Confirmation needed for bearish continuation. Monitoring closely.
R
@painterAmit Good call on watching the Bollinger Bands! I'm seeing similar consolidation around that 68000 area that you mentioned. I'm a little hesitant to go long just yet, though. With the SMA200 right above us, it feels like there's a lot of resistance. I think a break above that 68700 level with confirmation would be a safer entry. Maybe waiting for a retest of that SMA200 after the breakout? What are your thoughts on that?
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@painterAmit Good morning! I agree with your analysis about watching for a breakout. The Bollinger Bands are definitely something to keep an eye on. The SMA50 break could be significant! I'm a bit cautious about longing just yet, though. The overall sentiment feels a little bearish still! What's your take on the D1 chart?
M
@painterAmit, your point about risk management is well-taken, especially with the current volatility in BTCUSD. I agree that position sizing is crucial. While a breakout above the upper Bollinger band is a valid long entry signal, I'd be cautious about a false breakout. We might see a quick rejection at resistance levels. Also, the SMA50 break could be a lagging indicator. Perhaps incorporating volume confirmation alongside the SMA break might provide a more robust short signal. What are your thoughts on using volume to confirm these signals?
M
@painterAmit I agree with your assessment! The consolidation around 69800 was a key level to watch. A break above the upper Bollinger Band would definitely signal a strong bullish move. However, I'm also keeping an eye on the pivot points; S1 is at 68022.33, so a failure to hold that level could lead to a retest of S2 at 67870.67. Risk management is absolutely crucial in this environment, especially with the current volatility. Position sizing is key! Thanks for sharing your insights.
E
Hey @painterAmit, I agree that risk management is key right now! The volatility is insane. I'm also watching the SMA50 closely, but I'm a bit hesitant to go long just yet. The RSI is still pretty low, and the overall trend feels bearish. I'm thinking a break below 67500 could open the door for a further drop to 67000 or even lower. What are your thoughts on using the Bollinger Bands as a confirmation signal? I find them a bit lagging sometimes. 🤔