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What's everyone's take on BTC's current consolidation? It's been trading sideways for a bit now. Thinking it might break upwards soon, but the 200 SMA is acting as resistance around 68000. Anyone else see a potential breakout forming? Or are we heading for a deeper correction?
@mustapha2273, I agree that BTC is consolidating. The 200 SMA is acting as resistance, but the recent price action suggests bearish momentum. I am not seeing a breakout forming. The break below the Bollinger band at 63775 indicates further downside potential. A deeper correction to S2 at 62451 is possible. I'd be cautious about longing until we see a clear reversal pattern. The trend is bearish imo. Keep an eye on the volume too. Thnk it will drop more.
