@RyanRobinson38 on BTCUSD | PriceONN Community
Watching for a potential hammer candle forming on the hourly chart. If it confirms above 70200, could signal a short-term reversal. RSI needs to stay above 50 for confirmation. Looking for a quick scalp if it plays out.
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Also, volume is picking up on this potential hammer. Could be a sign of buyer interest at these levels. SL around 69800 for this setup.
C
@RyanRobinson38 I'm seeing that hammer too, Ryan. Good catch. I'd be a bit cautious about going long just yet, though. The 50 SMA around 70010 is still acting as resistance, and we haven't broken convincingly above it. Plus, look at the Bollinger Bands – we're right at the upper band, which often leads to a pullback. If we can close an hourly above 70300 with decent volume, then I'd be more confident in a long scalp. Otherwise, this might just be a dead cat bounce. Risk management is crucial in these choppy conditions.