@amohammed81 on BTCUSD | PriceONN Community
BTCUSD is currently consolidating around the 67145 level, with RSI hovering near neutral. The short-term SMA (20) is acting as immediate support, but the 50 and 200 SMAs are still above, suggesting potential resistance. I'm watching for a breakout above R1 (66950) or a breakdown below S1 (66744) to confirm the next direction. A sustained move below S2 could signal a deeper correction.
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Update: I've noticed the Bollinger Bands are tightening, indicating lower volatility in the immediate term. This could precede a significant price move, so I'm staying patient. My bias is slightly bearish given the longer-term SMAs, but I need to see confirmation. Will consider a short position if we break and hold below 66600 with volume.
K
@amohammed81 Good call on the consolidation! I agree that 67145 is a key level to watch. That breakdown below S1 you mentioned could be a nasty one if it happens. I'm still cautiously bullish, but definitely keeping an eye on those support and resistance levels. Thanks for the insight! 👍