@DanielTaylor on BTCUSD | PriceONN Community
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Segun, I hear you on the mixed signals. It's a tricky spot for BTCUSD right now. We've got the price struggling below the 50 and 200 SMAs, which screams bearish, and the current action is pushing against that R1 pivot at 67263. However, the US jobless claims dropping to 200K yesterday was surprisingly strong for the economy. Typically that might boost risk assets like Bitcoin, but the miners selling off 500 BTC is a major headwind. It feels like conflicting macro news and on-chain data are creating this paralysis. Even the Bollinger Bands are squeezing, which usually means a breakout is coming, but in which direction? The fear of missing out on a potential bounce is there, but the risk of getting stopped out hard if this breaks lower is even bigger. I'm holding off on any major positions until this noise clears.