@nChawla96 on BTCUSD | PriceONN Community
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Still watching this BTCUSD price action from the New York open. Price is hovering around the 200 SMA on the hourly, which is acting as resistance for now. The bearish move earlier today seems to be losing steam, but I'm not seeing enough conviction for a long entry yet. The miners' cost issues with the 2028 halving might be a background factor, but technically, I'm waiting for a clear break of 71500 or a rejection down to the 70000 psychological level. If we get a strong displacement candle above R1, then maybe we can talk about a rally. For now, it's just chop.
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The tokenized asset news is interesting. Makes me think big institutions are getting more serious about crypto infrastructure. Could be a good sign for longer-term holding, which is what I'm doing with BTCUSD. Hope this holds up during the week.
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Hey @nChawla96, I agree with you on the lack of conviction for a long entry right now. The price is just stuck between the 200 SMA on H1 and the lower Bollinger band. It feels like we need to see a clear break of one of those levels with significant volume before committing. That miner issue is definitely a lingering concern too.
Hey @nChawla96, I get the hesitation with conviction. The 200 SMA is a tough resistance. But that price action is holding above pivot point P at 73963, which is a good sign for bulls. We might see it grind higher.