@swalker402 on BTCUSD | PriceONN Community

Hey @swalker402, I see what you mean about the ascending triangle on D1. The higher lows are definitely there. However, I'm a bit more cautious. The overall trend still feels bearish, and we're sitting below all the major SMAs. That RSI is climbing but it's coming from deeply oversold, so it could just be a dead cat bounce. I'd be worried about FOMOing in if it breaks that resistance too soon, especially with this oil news making things so choppy. Maybe wait for confirmation after the London close or even into NY session. What do you think about the volume on those higher lows? Doesn't look super convincing to me. I'd rather enter a confirmed breakout than guess one. Stay safe out there!

Hey @swalker402, I see what you mean about the ascending triangle on D1. The higher lows are definitely there. However, I'm a bit more cautious. The overall trend still feels bearish, and we're sitting below the 20 and 50 SMAs which are pointing down. RSI also looks a bit stretched on the daily, even if it's not quite overbought yet. I'd be looking for confirmation of a strong breakout above that 72k resistance, and maybe a retest of that level as support before considering a long. The current market sentiment, especially with that oil news and potential risk-off sentiment, makes me think we could see more downside first, maybe testing some of those lower pivots. It feels like a potential inducement trap if we just jump in on the triangle pattern alone right now.

Hey @swalker402, I'm not seeing that ascending triangle on D1, but I do see the price action is pretty choppy. The 200 SMA is still way up at 71786, so there's a lot of resistance overhead if we do try to push higher. I'm more focused on the S2 pivot at 70295. If that breaks, I'm shorting this thing to the ground.