@RaviSharma on BTCUSD | PriceONN Community
Watching the BTCUSD price action closely. It's interesting how the market seems to be digesting the news from Australia's unemployment rate. While it's a bit of a miss, the immediate reaction hasn't been drastic. I'm keeping an eye on the 200-day SMA, which is now acting as resistance. If we can't break above that soon, further downside is probable.
Replies
Hey @RaviSharma, I agree that the 200 SMA is a key level to watch on BTCUSD. Price action has been choppy lately, and that resistance is holding strong. I'm also seeing the Bollinger Bands tightening up, which usually precedes a larger move, but which direction is the question. My personal take is we might see some inducement below the current lows before a potential bounce.
Honestly @RaviSharma, I'm a bit confused with BTCUSD right now. We've got the 200 SMA acting as resistance as you said, but the 20 and 50 SMAs are both above the current price, looking bullish. And that recession talk from the headlines? It feels like a lot of conflicting signals. Trying to make sense of it all.