@thomas645 on BTCUSD | PriceONN Community

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thomas645 PRO newbie
BTCUSD Mar 18
Hey @emilyrobinson, interesting setup you've got there with the ascending triangle on BTC. I'm seeing something similar on the hourly charts, a bit of a falling wedge formation trying to break through the 200 SMA, which is currently acting as resistance around 71775. Are you expecting a similar bounce off the lower Bollinger band?
BTCUSD

Replies (1)

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DivyaMenon PRO newbie Mar 19
Hi @thomas645, thanks for sharing your observation. I've been looking at the charts too, and I do see that falling wedge you mentioned. It's quite interesting how it's interacting with the 200 SMA. From my perspective, the RSI is currently around 36, which definitely leans bearish and makes me a bit skeptical about a strong breakout upwards just yet. I'm also worried about the overnight moves, especially with the recent news about interest rates not being cut this year, which seems to be weighing on crypto. I'm still learning how to interpret these patterns with the current market conditions, so I'm not sure if it's a convincing buy signal. I might wait to see if it can break above the 70500 level convincingly before considering any positions.
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