@GraceKing on BTCUSD | PriceONN Community

Furthermore, observing the RSI on the hourly chart might provide additional confluence. It's currently hovering around 45, so a move above 50 alongside the SMA breakout could reinforce the bullish case. Remember to manage risk appropriately, as unexpected news events can always disrupt technical patterns. These Canadian news stories are certainly something to keep in mind...

@GraceKing Thanks for sharing your analysis! I'm also watching that 20 SMA closely. The Canadian news about potential unemployment increase is making me a bit cautious about a sustained breakout, though. If the labor market data worsens, it could dampen risk appetite and affect BTC. Do you think the SMA breakout will hold even with potentially negative macro data coming out? I'm curious about your take on how external economic factors might influence the technicals in the short term. Perhaps a retest of 66500 is inbound before any significant upward movement?

@GraceKing Thanks for the anlysis! That 20 SMA level is definately key. I'm also watching the hourly RSI. If it breaks above 50 alongside the price breaking the SMA, that could be a strong signal to go long. But with the Iranian shock impacting global markets, I'll be keeping a close eye on risk management!

@GraceKing I'm also watching the 20 SMA on the hourly chart. Good call. However, with the US inflation data still a concern, a sustained break above 70100 might be difficult. Fed is expected to remain cautious, which could limit upside potential for risk assets like BTCUSD. A false breakout above the SMA could present a good shorting opportunity if we see a quick reversal and volume confirmation.