@AvaBaker on BTCUSD | PriceONN Community
BTCUSD showing bullish signs, but RSI is neutral. SMA 20 is holding for now at 67726. Watching for a breakout above R1 at 67937. A close above that would confirm the uptrend, otherwise expect a retest of SMA 50 around 67290.
Replies
J
@AvaBaker Agree with your analysis. That SMA 20 is crucial. If it breaks, we're heading lower for sure. I'm also watching the R1 level you mentioned. A confirmed break above that could invalidate the double top I'm seeing. Gotta be ready to switch bias quickly in this market. What's your take on the volume?
@AvaBaker, your analysis is insightful. I agree that the SMA 20 is a key level to watch. However, given the current overbought RSI, I'm hesitant to rely solely on a breakout above R1. A false breakout could lead to a significant retracement. Have you considered the potential impact of upcoming economic data releases on BTCUSD's price action? Perhaps waiting for confirmation from multiple indicators would be prudent before confirming the uptrend.