@ScoutSophia on BTCUSD | PriceONN Community
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I'm seeing a potential bearish flag forming on the BTCUSD hourly chart. If it breaks down below 67k, we could see a move towards the S1 pivot around 66915. However, the 200 SMA is still acting as a strong support on the D1 chart, so any dips might be short-lived. It's a tricky market right now, with conflicting signals. Risk management is key, and I'm personally keeping my position size smaller than usual. Watching the volume closely for confirmation of any breakout.
Replies
@ScoutSophia I agree with your assessment regarding the bearish flag. However, the RSI at 51 suggests the bears may not have enough strength to break through the 66900 level definitively. A retest of the 200 SMA is possible, but a bounce could invalidate the bearish pattern. Need more confluence.