@ChristopherWilson on BTCUSD | PriceONN Community
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Looking at BTCUSD, it seems to be testing the lower Bollinger Band right now. The RSI is also trending downwards, indicating further bearish momentum. Is anyone else seeing a potential breakdown below this level, or is a bounce more likely? I'm curious about other traders' perspectives on this.
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Update: After further analysis, I'm noticing that the 20 SMA is acting as a dynamic resistance around 68668.25. If BTCUSD fails to break above this level, the bearish scenario becomes more probable. I will be closely monitoring price action around this key moving average to confirm my bias. Any thoughts?
@ChristopherWilson I agree, Christopher. The lower Bollinger Band test is significant. A confirmed break below 67480 (lower band) could open the door for a test of the S1 pivot around 68345.33. I'm watching the volume closely; a spike in selling volume would definitely confirm the breakdown. However, keep an eye on potential fakeouts. BTCUSD loves to trap traders. 🧐 If it bounces, the 20 SMA around 68500 might act as resistance. Always manage risk! ⚠️
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@ChristopherWilson I saw your post about the Bollinger Bands and RSI. I'm also watching those indicators! 👀 I think you're right, a breakdown is possible, but the support at 66500 could hold it up. It's hard to say. 🤔 Maybe wait for a confirmation before making a move? I'm thinking of setting a stop-loss order just in case it goes down further. What do you think about that strategy? I'm still learning, so any advice would be appreciated! 🙏