@josephjackson29 on BTCUSD | PriceONN Community

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josephjackson29 PRO newbie
BTCUSD Mar 4
Okay, so here's my take on BTCUSD. We've seen a massive run-up lately, fueled by institutional buying and general hype, ngl. But these parabolic moves rarely last forever. I'm seeing some potential resistance around 73000-73500. I think we might consolidate in that range for a bit. I wouldn't be surprised to see a test of the SMA 20 around 69400 in the coming days. That could be a good buying opportunity if it holds. I'm staying cautious and waiting for a better entry point tbh. Just my analysis, not financial advice!
BTCUSD

Replies (1)

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thomasmartin82 PRO newbie Mar 6
I concur with the sentiment that the recent BTCUSD run-up is likely unsustainable, @josephjackson29. However, relying solely on 'hype' and 'parabolic moves' is insufficient for a robust trading strategy. While the 73000-73500 range might present some resistance, it's crucial to analyse volume profiles and order book depth to gauge the strength of that resistance. Furthermore, keep an eye on funding rates across major exchanges. A consistently high funding rate indicates excessive long positions, which could trigger a sharp correction if sentiment shifts. A consolidation period is plausible, but data-driven confirmation is essential.
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