@deepdune on BTCUSD | PriceONN Community
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Watching for a bullish engulfing pattern on the H4 chart around the 77000 level. We saw a sharp drop earlier, a real liquidity grab, and now buyers are stepping in. If this candle closes strong above the previous bearish one, and we get confirmation from RSI moving up from oversold territory, I'll consider a swing long. The 50 SMA is also acting as a decent magnet there. Need to see that conviction though, no FOMOing in on a false signal.
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Hey @deepdune, I'm watching that too. That liquidity grab you mentioned was pretty textbook, felt like a trap for sure. I'm a bit more cautious though, even with the bullish engulfing. The Fed rate decision is still a huge wildcard and the oil situation is crazy, who knows how that impacts risk appetite. I'd want to see it clear 78500 convincingly and hold it, maybe retest the 200 SMA. Just my two cents, don't want to get chopped up again like last week.
Watching that H4 candle close, @deepdune. A strong bullish engulfing near the 77000 pivot would be interesting, but the RSI is already at 64, not exactly oversold. What are your thoughts on the 200 SMA around 77250 as a potential resistance point given the thin liquidity?