Thinking BTC might consolidate around the 66900 level. The 20 SMA is acting as support right now. If it breaks below that, we could see a test of the lower Bollinger Band. Will keep an eye on the RSI too to see if it confirms the move. Might be a good opportunity to buy if it dips further?
Musa, while the 20 SMA might appear to be acting as support around 66900, I'd suggest looking at the Bollinger Bands in conjunction with other indicators. A single moving average can provide a misleading signal, especially in volatile markets. Also, consider the historical volatility (HV) of BTCUSD before assuming any consolidation. A dip below the lower Bollinger Band might not necessarily be a buying opportunity; it could signal a continuation of the downward trend. Confirm with other technical indicators before entering long.
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olamidebakare61PROnewbieFeb 25
yeah i see what you mean about the dip. a lower bollinger band test sounds like a good entry point if it actually happens. i'm always a bit scared of catching a falling knife tho.