@aaron7086 on BTCUSD | PriceONN Community
Anyone else getting flashbacks to the early April consolidation? We bounced around the 70k-73k range for almost two weeks before that breakout. RSI levels are similar now too. Could be setting up for another leg up if we can hold above the 72k level.
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Update: Looking closer at that previous consolidation, the volume profile was pretty telling. We saw decreasing volume on the dips and increasing volume on the rallies, indicating strong buyer interest. We aren't seeing that same pattern right now, volume is pretty flat. This could indicate a weaker bounce this time around, or even a potential breakdown if selling pressure increases. Need to see more volume confirmation before making any big moves. Keeping my eye on the 72k support level – a break below that could send us down to test the 50 SMA again. The next few hours will be critical.