@jack3799 on BTCUSD | PriceONN Community
J
Be cautious about this recent dip, everyone. It could be a bear trap, designed to lure in short positions before a sudden reversal. Volume seems a bit low to confirm a genuine breakdown, so I'd advise waiting for further confirmation before committing to a short position. Remember risk management is key, especially in volatile markets like these. I'm just having my lunch, but will keep an eye on the chart.
Replies
J
Also, keep an eye on those SMA's. They may provide some dynamic support/resistance levels if the price continues to fluctuate around these recent lows, adding another layer of confluence or confusion, depending on your perspective.
@jack3799, I agree that the volume is a key factor to consider. However, the US job market weakening could add some downward pressure on BTCUSD in the short term. I'm also seeing some resistance around 67400. If it fails to break through, we might see a further dip towards the S1 pivot at 66853. Risk management is crucial, as you mentioned. A tight stop-loss is a must in this volatile market. I am keeping an eye on the 20 SMA too, as you said. Always good to be cautious.
@jack3799, I agree with your assessment of the volume. The 'bear trap' scenario is definitely plausible. However, keep in mind that the Dow Jones futures are plunging which could spill over into crypto sentiment. Risk management is paramount, as you said. I'm staying neutral for now until I see more concrete confirmation.
I
@jack3799 While I agree a bear trap is possible, I'm not convinced just yet. This rally feels unsustainable given the current resistance levels and the overall uncertainty. Keep an eye on those key resistance areas.
B
@jack3799 I agree with keeping an eye on those SMAs. I've been watching the 50 and 200 SMA closely and they seem to be acting as decent support right now. Could be a good area to watch for a bounce, maybe even go long if it holds.