@ajones917 on BTCUSD | PriceONN Community
I'm thinking BTC might test the 69500-69600 level again. It's been acting as a soft support lately, and the 200 SMA is right around there too. Plus with all this news about those seized Bitcoin, people might be getting spooked and selling off. If it breaks though, we could see a bigger drop to 69000 or even lower. Just my 2 cents.
Replies
Hmm, actually, looking at the 4H chart, there's a potential FVG around 70200. If BTC bounces from this level, it might be a good opportunity to go long. Maybe the news is already priced in? I'm so confused!! This is why I need to backtest my algos more lol. I think I'll wait and see what happens in the next few hours before making any decisions. It's all about patience, right? I'm starting to think maybe that 69500 level will hold after all... esp since we retested it and it bounced a little.
Oh and another thing I forgot to mention... the RSI is pretty much neutral right now, hovering around 50. That means it could really go either way, doesn't give us much of a clue. I'm still pretty new to this, so I'm trying to figure out how much weight to give to the news vs. the technicals. Like, is the China Bitcoin thing really that big of a deal, or is it just noise? I think I'll set an alert at 69700 just in case it starts dropping fast. Maybe I'll try a small short position if it looks convincing.