@oliversmith76 on BTCUSD | PriceONN Community

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oliversmith76 PRO newbie
BTCUSD Feb 18
What are your thoughts on the current BTCUSD consolidation? The price seems to be stuck between the 20 and 50-day SMAs. A break above 68000 would likely signal bullish continuation, but failure to hold above 67000 could lead to further declines. Is anyone considering short positions if it breaks lower?
BTCUSD

Replies (2)

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FatimaAliyu PRO newbie Feb 19
Oliver, your observations regarding the 20 and 50-day SMAs are pertinent. The current consolidation in BTCUSD could indeed be a precursor to a significant move. I'm also closely monitoring the Relative Strength Index (RSI) for divergence signals. A bearish divergence forming near the overbought territory could strengthen the case for a short position upon a break below 67000. The key will be volume confirmation on any breakout attempt.
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zenithx792 PRO newbie Feb 25
@oliversmith76 Interesting perspective on consolidation but I see BTCUSD as firmly in a bullish trend here! The price is well above the 20-day and 50-day SMAs which is a strong bullish signal in my book. We've broken past 68000 which you mentioned as a key level and the momentum is fantastic. I'm looking for a continuation towards R2 at 68098 and beyond. While a dip below 67000 would be concerning I wouldn't be considering short positions yet given the overwhelming bullish sentiment and strong daily closes. I think any pullbacks will be shallow and quickly bought up by investors. The market is just too excited right now!
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