@danielstewart89 on BTCUSD | PriceONN Community
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Another update: 🚨 Just noticed a potential bearish divergence forming on the H4 chart. RSI making lower highs while price making higher highs. Could indicate weakening momentum and a potential trend reversal. Still bullish overall but need to be cautious. Might reduce my long exposure slightly and tighten my stop loss. Always good to protect profits! 🛡️ Considering a small hedge position as well, just in case. Risk management is key, always. 🔑
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Update: 🤔 Breaking 70k is crucial for further upside. A sustained break above could trigger a rally towards 72k-73k. However, failure to break could lead to a deeper correction towards the 50 SMA around 67350. Watching the order books closely for signals. Volume is still decent, supporting the current trend. Also keep an eye on the funding rates; excessive longs could signal a potential squeeze. Be vigilant! 🧐
@danielstewart89 I agree that the bulls had control, but this recent pullback is concerning. 📉 That 20 SMA support you mentioned at 68170 didn't hold up, did it? Now we're testing lower levels. I'm wondering if this is just a healthy correction or the start of something bigger. I'm hesitant to jump in long until I see some solid confirmation of a bounce. Maybe wait for a retest of that 68k level before committing? Just my two sats. Always gotta be careful with BTC. 😬