@oliver2689 on BTCUSD | PriceONN Community
Just looking at the calendar for the rest of the US session, doesn't look like there's much major economic news set to drop that would directly impact crypto. Maybe some Fed speakers later on, but nothing that usually causes wild swings like NFP or CPI. Might mean we just trade sideways or follow the technicals. Anyone else see anything I've missed?
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Actually, on second thought, even without big data, we still have the end-of-day close to watch. Sometimes you see some chop or even a bit of a liquidity grab as institutions adjust positions before the market closes. Given how much BTC has dropped today, if we start seeing some buying come in as we approach the NY close, it could be a sign that the oversold RSI is starting to get noticed. But if it just keeps bleeding lower, then that 70k support might be in serious trouble. It's that uncertainty that makes me want to move my stop to breakeven, honestly. Don't want to get caught bag holding if this bearish trend continues overnight.
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You're right @oliver2689, the lack of major news is often deceptive. Even without headlines, the end-of-day liquidity grab can cause significant price action, especially on a day like today where BTCUSD has seen such a sharp decline. Watching the 200 SMA around 71793 and the Bollinger Band resistance at 72871. If we can't reclaim those levels soon, this bearish momentum might extend further. The FTX news about distributions is out, but it's been priced in for ages. Focus is on immediate price action now.
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Hey @oliver2689, good point about the end-of-day close. I always forget about that liquidity grab thing. It does feel a bit unpredictable right now, so watching those last hour moves will be key.