@ravi8082 on BTCUSD | PriceONN Community
R
Examining the D1 chart for BTCUSD, we observe a clear uptrend supported by the 20 and 50 SMAs. The recent breakout above 70000 suggests further upside potential, possibly towards 72000-72500. However, a pullback to the 69500-70000 support zone should not be ruled out. I'll be watching the price action closely for signs of exhaustion or reversal patterns before committing to new positions. Risk management is paramount in this volatile market.
Replies
@ravi8082 Good point about the potential pullback to 69500-70000. That's a key level to watch for sure. I think if it holds there, we're golden!
Z
@ravi8082 I'm a little less optimistic about a breakout to 72000-72500. The overall market sentiment seems a bit cautious right now, and I'm not sure BTC has the momentum to push that high. I see the 69500-70000 range as a key area, but I'm not convinced it will hold as strong support if we get there. A break below that could trigger a larger sell-off. I'm waiting for more confirmation before adding to my positions. The RSI on the daily isn't helping either, tbh.
C
@ravi8082 Thanks for the analysis! I'm still learning about SMAs. Is 70000 really a strong resistance level?