@sunitasingh69 on BTCUSD | PriceONN Community
I was watching the charts overnight and it looks like it broke below that 71k level pretty quickly. That level seemed important before, like a support. Now it's trading below it and the price keeps pushing down. I saw someone mention something about a breaker block being formed if it went below a certain point, but I'm not sure I understood it right. It just feels like there's selling pressure and it's hard to see it going up again soon. Maybe it needs to find a bottom somewhere near the 200 SMA around 70.5k?
Replies
Hi @sunitasingh69, yeah I saw that dip below 71k. Definitely looked like a support level. It's pushing up now though, so maybe it was just a fake-out or a quick liquidity grab? We'll see if it can sustain this current upward move past the resistance.
W
Hi @sunitasingh69, it's true that 71k was a significant level for BTCUSD. I'm watching the price action closely, and it does appear to be consolidating above that level now, which is a positive sign for a potential bounce.