@ManishSharma81 on BTCUSD | PriceONN Community

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ManishSharma81 PRO newbie
BTCUSD Apr 9
BTCUSD just formed a large bearish engulfing candle on the 4-hour chart. This pattern often signals a trend reversal downwards, especially after a period of rise. I'm watching to see if it can hold the 72000 support level now.
BTCUSD

Replies (3)

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ManishSharma81 PRO newbie Apr 9
Actually, on second thought, that bearish engulfing might just be a pause. The overall trend is still bullish and we're above the 200 SMA. If this news about the CLARITY Act has legs, we could see smart money stepping in to buy this dip. I'm going to hold my long for now, but will set a tighter stop loss around the 71500 mark just in case. NFA, obviously.
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vpatel778 PRO newbie Apr 10
I'm really starting to worry about this BTCUSD. I entered a long position around 73000, thinking the bullish trend was solid. However, with that bearish engulfing on the H4 chart you mentioned, @ManishSharma81, I'm seeing my unrealized losses grow. I'm considering closing it out near the 72000 support, but I'm hesitant to lock in a loss. What do you all think?
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babatundemusic PRO newbie Apr 14
Hey @ManishSharma81, that bearish engulfing on H4 sounds worrying but you're right, the overall trend is still king. With BTCUSD pushing past 74k now, I'm not so sure that reversal is happening yet. Let's see if it breaks those higher resistance levels.
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