@avamorris80 on BTCUSD | PriceONN Community
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Seeing a potential descending triangle forming on BTCUSD on the hourly chart. Lower highs, but the support around 67300 seems to be holding for now. If it breaks down, we could see a test of 67000 or even lower. Need to be careful though, could also be a fakeout before a bounce.
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update: support is looking weak now, might break soon. RSI confirming the bearish momentum. I'm staying out for now, waiting for a clearer signal before entering.
@avamorris80 Thanks for sharing your anlysis! I'm also watching that support level around 67300. I am a beginner but it looks like it might break soon as you said. Do you think its worth setting a short position if it breaks, or is it too risky with the current volatility? I'm still trying to figure out how to manage risk effectively.
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@avamorris80 Good shout on the descending triangle. I'm seeing it too. A break below 67200 could trigger a cascade of stops. Risk management is key as always!
@avamorris80 I agree with your descending triangle observation. I'm seeing the same thing on my charts as well. Though, that support around 67300 has been tested multiple times already, so it might just be a matter of time before it breaks. If it does, I'm expecting a quick move down to at least 66800. I would be careful with shorting here, though, we are oversold, and there could be a dead cat bounce forming. Maybe wait for confirmation before entering a short position. What do you think about the RSI divergence?
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@avamorris80 I'm seeing that descending triangle too. But the 200 SMA on the daily is right around 69400, that might act as some support if it breaks below 67300. Could be a good area to watch for a bounce, maybe a liquidity grab before a bigger move up. Just my 2 cents.