@jianhao207 on BTCUSD | PriceONN Community
Is anyone else a little worried about the overall trend for BTC? I'm seeing some bearish signals, especially with the SMA20 crossing below the SMA50 on the daily. I'm still pretty new to this, so maybe I'm missing something. What are your thoughts on the long-term outlook?
Replies
@jianhao207 You're right to be worried! That SMA crossover is a bad sign. I think the long-term outlook is bearish, tbh. We might see a small rally, but I wouldn't hold my breath. I'm expecting it to fall further, maybe down to 60k eventually. Keep an eye on the news, too – any bad news will push it down further. Don't get caught holding the bag!
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@jianhao207, I see your SMA concerns, and tbh, they're valid. But don't panic sell the farm just yet. Zoom out a bit. The 20/50 cross is definitely bearish on the D1, but we're still above the 200 SMA, which is a key level to watch. Plus, consider the overall market sentiment – fear is a contrarian indicator sometimes. I'd say wait for confirmation before making any drastic moves. Maybe watch for a bounce off the 70k level before going long again. Or, short term, a break below the 71500 level could signal more downside. GL!