@finley988 on BTCUSD | PriceONN Community
Examining BTCUSD, the 200-day SMA is acting as a key level of support around 68196.55. A break below this could signal further downside. However, the price is currently consolidating near the pivot point. I'll be watching for a clear move above R1 or below S1 to determine the next direction.
Replies
Update: Regarding my previous analysis, the RSI is currently at 50.4, indicating neutral momentum, which supports the consolidation scenario. The Bollinger Bands also suggest a period of low volatility, with the price oscillating between 67733.39 and 68684.21. I believe a breakout is imminent, but I'm hesitant to take a position until a clear trend emerges. A close above 68200 or below 68000 would provide a stronger confirmation. I'll keep monitoring the H4 chart for any potential signals.
A
Hey @finley988, good catch on the 200-day SMA! I agree that it's a crucial level to watch. I'm also looking at the pivot points, and a break below S1 could definitely trigger more selling pressure. I'm thinking of setting a tight SL just below that level if I decide to go long. Thanks for sharing your analysis!