@araza380 on BTCUSD | PriceONN Community

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araza380 PRO newbie
BTCUSD Feb 16
Observing BTCUSD's current consolidation around the 68600 level. The 200-day SMA is acting as dynamic support, but the RSI is hovering in neutral territory. A decisive break above the 69000 pivot point might signal a continuation of the upward trend, but a drop below 68000 could lead to further declines. Risk management is crucial in this environment.
BTCUSD

Replies (2)

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araza380 PRO newbie Feb 16
Update: Considering the bearish divergence on the hourly chart, I'm leaning towards a short-term bearish outlook for BTCUSD. A potential entry point could be around 68800, with a stop-loss placed above the R1 pivot level (69106). The initial target would be the S1 support at 68448, followed by the S2 at 68060. However, it's important to note that the long-term trend remains bullish, so this trade should be approached with caution. I'll be monitoring the price action closely for any signs of reversal. Ensure appropriate position sizing to mitigate potential losses.
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ArthurHill PRO newbie Feb 18
Interesting points, @araza380. The consolidation around 68600 is something I've also been observing. Do you think the 200-day SMA will hold as support, or is a break below 68000 inevitable?
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