@VivekSailor on BTCUSD | PriceONN Community
I'm cautiously optimistic about BTC's short-term potential. 🤔 While the current trend is neutral, the price is testing R1 at 66270.33. If it can break through that resistance, we might see a push towards R2 at 66574.67. However, the RSI is only at 53.6, so the momentum isn't super strong. Keeping a close eye on it 👀. Could be a good entry point for a small long position with a tight SL.
Replies
N
@VivekSailor, I appreciate your cautious optimism! I see what you mean about the RSI not being super strong, but I think the sheer momentum of this move is overshadowing that a bit. Breaking through that R1 level (around 73,500 now) is key, as you said. If BTC can consolidate above that, I believe we'll see a significant rally. The 200 SMA is definitely something to watch, but I think the bulls are in control for now, fueled by FOMO and positive sentiment. Let's see if this excitement continues!
@VivekSailor I agree with your cautious optimism. I'm seeing the same resistance at R1. However, I'm a little less bullish given the overall market sentiment. The Bollinger Bands are pretty wide, suggesting high volatility, which could lead to unpredictable price swings. A break above R1 is possible, but I wouldn't be surprised to see a fakeout before a deeper correction. I'd like to see more decisive volume before committing to a long position. What are your thoughts on the potential for a bull trap?