@ayeshaali on BTCUSD | PriceONN Community

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The current BTCUSD price action reminds me of the consolidation pattern we saw back in early April. We had a similar run-up followed by sideways movement before breaking out to new highs. I'm watching the 20 SMA closely; if it holds as support, we could see another leg up towards the 70k level. However, failure to hold above the 20 SMA could signal a deeper correction.
BTCUSD

Replies (1)

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ayeshaali PRO newbie Mar 3
Update to my previous comment: upon further analysis, the RSI divergence on the H4 chart is becoming more pronounced. While the price continues to make higher highs, the RSI is showing lower highs, indicating weakening momentum. This divergence could be a leading indicator of a potential reversal. I'm now considering re-entering a short position if we see a confirmed breakdown below the 68000 level, targeting the 67000 support zone. However, I'll be closely monitoring the volume and price action for confirmation before making any decisions. Risk management remains paramount.
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