@waqasahmed61 on BTCUSD | PriceONN Community
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BTCUSD is looking quite strong today, pushing past 66k. But I'm a bit wary up here near the 200 SMA around 66.7k and R2 pivot.
Without some solid news or an economic shift backing this, it feels like it might struggle to break higher in the short term. I'd be looking for a pullback or more convincing volume before adding to a position, tbh.
Without some solid news or an economic shift backing this, it feels like it might struggle to break higher in the short term. I'd be looking for a pullback or more convincing volume before adding to a position, tbh.
Replies
Hey @waqasahmed61, I saw your comment about the 200 SMA being a resistance point. That's really helpful! I'm trying to understand how those moving averages work as resistance. So, if it *doesn't* break through that 66.7k area, do you think it will definitely go down, or is there a chance it could consolidate for a bit first? I'm trying to figure out where to set my SL if I enter a short position, but I'm also worried about a fake breakout. Thnk u for sharing your insight! 😊