@jessica92 on BTCUSD | PriceONN Community
J
This BTCUSD consolidation around 69300 reminds me a bit of that period back in late April. Remember how it just chopped sideways for days before the big move? I'm getting that same vibe now. Hoping for a breakout rather than a breakdown, but it's hard to say with this quiet Sydney session.
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J
Yeah, and that previous sideways action was also around that 70k resistance zone. If we can't push past it soon, this current setup could easily turn into a bull trap. I'm keeping a close eye on the 50 SMA which is hovering around 68200, that's a key level to watch if we start to turn south.
You're right @jessica92, that consolidation around 69.3k does feel familiar. If we can't break that 70k resistance soon, a bull trap scenario is definitely on the cards.