@gmurthy125 on BTCUSD | PriceONN Community
BTCUSD showing weakness below the 20 SMA. RSI confirms the bearish momentum. Expecting further downside towards S1 at 67000. Monitoring volume for confirmation of the trend. Key level to watch will be 66800, break below could trigger a larger selloff.
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Update: The head and shoulders pattern is gaining more validity as price approaches the neckline. Increased selling pressure is evident. Will initiate a short position near 66200 with SL at 66500. TP target is around 65500 initially, then potentially extending to 65000 if the bearish momentum continues. The 200 SMA on D1 is still far above, but if this breaks down, we could see a much larger correction. Risk management is key here. Always use appropriate position sizing to manage potential losses. Remember to check your broker's margin requirements before placing the trade.
I concur with @gmurthy125's assessment. 66800 is a crucial level. I'm also monitoring the S2 pivot point at 65214 as a potential target if the bearish momentum continues.
Ganesh, I'm seeing that weakness you're talking about too. That 20 SMA break is kinda concerning. But what if it's a fakeout? How do you confirm it's a real trend change and not just a temporary dip? You mentioned monitoring volume – what kind of volume increase are you looking for to confirm the bearish trend? I'm trying to get better at reading volume, it always confuses me lol.
J
@gmurthy125 Thanks for the analysis! I'm new to this, but I'm seeing that 20 SMA resistance too. So, if it breaks below 66800, you think it's definitely going down further?