@vpatel595 on BTCUSD | PriceONN Community
The current BTC consolidation around 67500-68000 is making me think of the Q4 2021 sideways action before the final push to the all-time high. RSI is also mirroring that period, hovering around the 50-60 range. If we break above 68500 with volume, we could see a similar move. Let's watch the volume carefully.
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And also, the China CPI data released over the weekend could be a contributing factor to the current bullish sentiment. If inflation is picking up globally, BTC could be seen as a hedge against inflationary pressures. However, it's still too early to tell if this is a sustainable trend. The market is still reacting to the recent news
J
@vpatel595 Interesting comparison to 2021! RSI mirroring is definitely something to watch. I agree that volume is key. If we see a sustained push above 70800 with strong volume, it could signal a continuation of the bullish trend. However, I'm also cautious about a potential dead cat bounce. Lots of bag holders from the recent dip might be looking to exit around those levels, creating strong selling pressure. I'm waiting for a clear breakout with volume confirmation before FOMOing in, haha! Risk management first, always!