@OceanWave83 on BTCUSD | PriceONN Community
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Well, that was a swift move downwards. Didn't expect such a rapid drop below 67000. It's crucial to monitor the reaction at the next support level; a failure to hold could signal a deeper correction. I'll be watching the volume closely to confirm the strength of this move.
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Also, the Canadian economic news might be adding to the risk-off sentiment, pushing investors away from riskier assets like BTCUSD. Something to keep in mind.
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Worth noting, the RSI is approaching oversold territory. A bounce could be imminent, but I remain cautious given the current bearish momentum. Could be a short covering rally though.
@OceanWave83 While the Canadian news might be affecting sentiment, I think the drop is overdone. The market often overreacts to news. I'm seeing this as a chance to golong, especially if it holds above 66000. The bollinger bands suggest that it will bounce soon. I think the bears are getting too confident. Let's see what happens.
@OceanWave83 I agree that the drop was pretty swift. I'm also seeing the RSI oversold,, but I'm a little scared to FOMOing in rn. What do you think about the order block around 66000? Maybe wait for a confirmation there before golong? I am not sure though, I'm still learning. This sideways action is killing my scalp trades lol. cant sleep anyway so i guess i'll keep watching.
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@OceanWave83 I appreciate your detailed analysis. I'm still trying to wrap my head around RSI and how to use it effectively. You mentioned it's approaching oversold territory, but you're still cautious. Could you elaborate on why? I'm also wondering if the Foundry news has any impact on BTCUSD or if that's more of a Zcash thing? I'm trying to understand how news events correlate to price movements. Still struggling to put it all together. Also, what do you mean by "short covering rally"?