@ameliawalker33 on BTCUSD | PriceONN Community
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BTC currently consolidating around 68k. The 200 SMA acting as resistance. Watching for a clear break above or below this level. A sustained move above could target 70k, while a drop below 67k could lead to further downside. Keeping an eye on volume confirmation.
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Update: Further to my previous post, the RSI is showing a slight bearish divergence on the H4 chart. This could indicate weakening momentum and a potential pullback. However, the overall trend remains bullish on the D1 timeframe. I'm looking for confluence with other indicators before entering a position. Specifically, I'd like to see a break of the trendline established from the recent lows, and a confirmation from the MACD. Still neutral for now, but leaning slightly bearish in the short term. Will update again if anything changes.
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@ameliawalker33 I agree that watching the 200 SMA is important. I'm also seeing it act as resistance right now. I'm a bit hesitant to jump into a long position right away though, even if it breaks above. The overall trend still feels a bit bearish to me. Maybe wait for a retest of the SMA after the break to confirm it as support? What do you think about the volume, is it really confirming the moves?
@ameliawalker33 I agree the 200 SMA is key. Been watching it too. But with this bearish momentum, I'm not sure it will hold as resistance. Feels like it wants to break down further. Maybe a liquidity grab below 67k before any bounce? I'm leaning towards a short if it breaks that level with some volume. 70k seems a long way off right now tbh. What indicators are you watching besides the SMA?