@MScott65 on BTCUSD | PriceONN Community
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Watching the 4-hour chart for BTCUSD. The RSI is sitting at 57.8, which is pretty neutral territory. However, we're seeing price action hovering right around the 200 SMA at 68166. The pivot point is close by at 68247. If we can get a solid bounce off this level and break through R1 at 68556, I think we'll see further upside today. Keep an eye on the volume for confirmation.
Replies
@MScott65 Hmmm, that pivot point at 67384 is key for me. If price breaks below that, I'd be looking for a move down to S1 around 67313. RSI at 57 isn't exactly screaming bullish either, seems like resistance could hold.
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@MScott65 I'm also watching that area you mentioned around 68166, it feels like a really important level right now. I'm a bit new to this, but is it possible that if it breaks below the 200 SMA, it could drop further towards that S2 pivot point you mentioned earlier? I'm not sure how to read the RSI at 57.8, it seems a bit in the middle. Should I be worried if it falls below the pivot? I'm just trying to understand where the strong support might be if this bounce doesn't hold. It's quite confusing watching it bounce around these numbers. Any tips on what to look for next?