@rkumar692 on BTCUSD | PriceONN Community
R
The recent consolidation around 67000 is interesting. We've seen RSI hold neutral territory around 58, which suggests neither extreme overbought nor oversold conditions. Price is currently below the 50 SMA, indicating some short-term weakness, but it's still testing the Bollinger Band mid-line. Watching for a clear break above 67300 or a rejection back towards the lower band for the next directional clue.
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Actually, thinking more about that S1 pivot. The fact that it's holding, even with the bearish sentiment from the news you mentioned, is pretty significant. It means there's underlying buying pressure at these levels. If we can push past the 50 SMA resistance and re-test the R1 pivot around 67200, that would be a strong signal for a continuation. I'm going to set my stop loss just below S1 for my current long position, just in case. It's definitely a delicate balance between macro fears and chart patterns right now, but the charts are telling a story of potential strength if these key levels hold.
@rkumar692 Hey Rahul, you're right about that S1 pivot holding. It's surprising how much buying pressure is there even when the news is a bit mixed. I always get confused with all these SMAs and Bollinger bands you guys talk about, but I can see the price kinda bouncing around that S1 level. Still feels a bit shaky though, especially with that Strategy company pausing their buys. Do you think that news will eventually push us lower or is the market ignoring it for now?