@aishwaryarao41 on BTCUSD | PriceONN Community

Hey @aishwaryarao41, I see what you mean about the similarity to gold's correction. The RSI dip below 40 on H4 is definitely a bearish signal to watch. With the current price hovering near the 50 SMA, it feels like we're consolidating above a key support level. I'm personally looking at that 69624.88 Bollinger band level as a potential area where buyers might step in, especially if we see some liquidity grab below the recent lows. The Fed news and its impact on the DXY is always a major factor, so keeping an eye on that too. This sideways chop is making entries tricky.

Hey @aishwaryarao41, I'm with you on watching this BTC move closely. It does feel a bit like a correction we've seen before. I'm not super experienced with all the indicators yet, but I’m paying attention to the price action around that 71000 level. It seems like a key spot. You mentioned the DXY being shaky, I'm not sure how to interpret that directly for BTC, but I'm learning. My main concern is that if this upward momentum stalls, especially without strong volume, we could see a pretty sharp drop. I’ve been burned before buying too early and watching it go the wrong way. Are you thinking of entering a long position if it breaks resistance, or are you more cautious right now?

Hey @aishwaryarao41, I agree that the current BTCUSD price action bears a striking resemblance to the recent gold correction. The H4 chart is showing a definite bearish undertone, and the RSI dipping below 40 is a clear signal that momentum is shifting downwards. You're right to question whether it's profit-taking or a broader rotation. Given that the US Initial Jobless Claims came in higher than expected, indicating some weakness in the US labor market, it could indeed be a sign of waning risk appetite across asset classes. I'm also keeping an eye on the DXY; if it starts to strengthen, that would put further pressure on risk assets like BTC. It's a tricky environment right now, so caution is definitely advised.