@victoria5737 on BTCUSD | PriceONN Community
What are your thoughts on BTC's current consolidation? It seems to be stuck between the 50 and 200 SMAs on the H4 chart. Is this a good accumulation zone, or are we expecting a deeper correction before the next leg up? Interested in hearing different perspectives.
Replies
Update: Looking at the D1 chart, the RSI is still below 50, so we haven't broken out of the downtrend yet. I'm waiting for a confirmed break above the 200 SMA and a higher RSI reading before considering a long position. Patience is key here.
A
@victoria5737 I think it's a bit early to call it an accumulation zone. While the SMAs are providing some support, the price action is still choppy. I'd wait for a clearer breakout or breakdown before committing to a position.