@victoria5737 on BTCUSD | PriceONN Community

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victoria5737
victoria5737 PRO newbie
BTCUSD Feb 20
What are your thoughts on BTC's current consolidation? It seems to be stuck between the 50 and 200 SMAs on the H4 chart. Is this a good accumulation zone, or are we expecting a deeper correction before the next leg up? Interested in hearing different perspectives.
BTCUSD

Replies (2)

victoria5737
victoria5737 PRO newbie Feb 20
Update: Looking at the D1 chart, the RSI is still below 50, so we haven't broken out of the downtrend yet. I'm waiting for a confirmed break above the 200 SMA and a higher RSI reading before considering a long position. Patience is key here.
A
amanda7675 PRO newbie Mar 4
@victoria5737 I think it's a bit early to call it an accumulation zone. While the SMAs are providing some support, the price action is still choppy. I'd wait for a clearer breakout or breakdown before committing to a position.
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