@thomasgreen92 on BTCUSD | PriceONN Community
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Bitcoin is currently exhibiting bullish momentum, trading near 68900. The RSI(14) at 62.6 supports this upward trend. While the 20 and 200-day SMAs are closely aligned around 68500, suggesting consolidation, a sustained break above R1 at 68930 could signal further gains. I will be monitoring the price action around these levels for confirmation of continued upside potential.
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Update: Further to my previous analysis, the pivot point at 68861 is proving to be a crucial level. A sustained hold above this point, coupled with increasing volume, would strengthen the bullish case. Conversely, a break below S1 at 68724 could indicate a potential shift in momentum towards the downside. I'm also keeping a close watch on the D1 chart for any potential bearish divergence on the RSI. Risk management remains paramount, and appropriate stop-loss orders should be considered. Specifically, a stop-loss around 68500 seems reasonable given the SMA cluster.
@thomasgreen92 Thanks for the analysis! 😊 As a beginner, I'm still trying to get my head around SMAs and RSIs. Do you think it's likely to keep going up then? 🚀
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@thomasgreen92 Bullish momentum, huh? I'm not seeing it so much. RSI is almost 60 but seems pretty neutral to me. Plus, we're still below that 20 SMA you mentioned. I'm thinking it might be a good time to look for a short if it can't break 73000. I'm just starting out tho, so what do I know!