BTCUSD is currently testing the lower Bollinger Band. A decisive break below 67000 could open the door for further declines, possibly towards the S1 pivot around 67144. However, be cautious, as the RSI is not yet oversold, so a bounce is possible. Keep an eye on volume for confirmation.
@VijayKumar Thanks for the analysis! I'm still trying to understand Bollinger Bands properly. If BTCUSD breaks below that 67000 level you mentioned, how far down do you think it could realistically go? I see the S1 pivot is around 67723 but is that really a strong support level? I'm a bit nervous about entering a short position right now, especially since the overall trend seems to be up. Maybe wait for more confirmation?
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matthewmiller40PROnewbieFeb 28
@VijayKumar Good call on the lower Bollinger Band test. I'm seeing the same thing. Volume seems kinda low tho, so not sure if it's a real breakdown yet.