@ThandiweV53 on BTCUSD | PriceONN Community

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ThandiweV53 PRO newbie
BTCUSD Feb 21
BTCUSD looks like it's consolidating around the 67800 level. The 20 SMA is acting as pretty strong support right now. I'm curious to see if we get a breakout soon, or if it's just going to keep bouncing between the SMAs. Volume seems a bit low, though, so maybe we're in for more sideways action.
BTCUSD

Replies (1)

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ava285 PRO newbie Mar 6
@ThandiweV53 I concur that consolidation around $67800 is evident. However, I am less optimistic about the 20 SMA acting as strong support, considering the overall bearish momentum. The low volume you mentioned is concerning, as it suggests a lack of conviction in either direction. I believe a decisive break below the Bollinger Band lower boundary at approximately $67237 is more likely than a breakout above the 20 SMA. This would probably lead to a sharper decline. I'll be looking for confirmation of this in the next few H4 candles.
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