@osmith697 on BTCUSD | PriceONN Community
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BTC is looking pretty robust right now. We're seeing a strong bullish trend, but I'm keeping an eye on potential overbought conditions. A minor correction wouldn't surprise me, but overall sentiment seems positive. I'm thinking we'll see continued upward movement this week, possibly testing new highs.
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Update: Just noticed BTC is bumping against R1 pivot point at 69242.33. Could act as resistance in the short term. If it breaks through convincingly, then yeah, new highs are definitely on the cards. However, I'm still leaning towards a minor pullback before any major moves. Also, worth noting the 200 SMA is sitting around 68400, so that area could provide some support if we do see a dip. I'm keeping my position, but tightening my stop-loss just in case. Better safe than sorry, eh?
Interesting points, @osmith697! I agree that BTC has been robust, but I'm a little more cautious about calling it a definitively bullish trend right now. This dip below 68000 could signal a bit more weakness than we anticipated. I think we need to see sustained volume above 70000 before I'm fully convinced of continued upward movement. I'm also watching the mining stocks, as they often lead the way. If they start to lag, it could be a sign that the rally is losing steam. What are your thoughts on the mining stocks?
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@osmith697 I agree, the overall sentiment is pretty bullish. I'm just a bit wary of a potential bull trap, tbh. We've seen these fakeouts before. Keeping a close eye on volume to confirm any moves. WDYT?