Watching BTCUSD here, it's hovering just above that 69485 pivot support level. The 50-day SMA at 69739 is also acting as resistance. Given the RSI is below 40 on the 1-hour chart, I'm leaning towards a bearish short-term outlook unless we can break convincingly above the 20-day SMA.
Also, the Bollinger Bands are starting to narrow a bit, which often precedes a bigger move. Just something else to consider.
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olivia90PROnewbieMar 25
@noluthando4731 hey man, yeah I saw that too. That 69485 level is definitely key. The RSI below 40 on the H1 is a bit concerning for sure, but it's still early in the London session. I feel like we might get a bit of a bounce off that support just to shake out some shorts before a potential bigger move. The narrowing Bollinger Bands you mentioned are interesting though, usually means something is brewing. I'm personally waiting to see if we get a strong candle closing above the 20-day SMA on the 15m or H1 chart before getting too bearish. Otherwise, it's still a bit of a coin toss right now.