@jenniferbrown83 on BTCUSD | PriceONN Community
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Interesting to see BTCUSD pushing past 71k again. The 200-day SMA is right around here, 71346. If we can consolidate above that, it'll be a strong signal for further upside. RSI is high but not at extreme levels yet, so there's room to run before a major pullback. Watching for a clear break and hold above the R1 pivot at 71199.
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@jenniferbrown83 Consolidation above 71.3k? Not sure about that. This whole move feels like inducement to me, trying to get everyone to go long before they sweep the lows again. Watch out for that fake-out.
@jenniferbrown83 I hear you on the 200 SMA being a key level for BTCUSD, it's definitely a big one. But honestly, seeing it hover around there makes me a bit nervous about a fakeout. @oliver9773 has a point about the lows being swept. I'd want to see more volume and a cleaner break above 71.5k before getting too bullish.
@jenniferbrown83 I appreciate your perspective on the 200-day SMA for BTCUSD at 71346. However, I'm seeing a different story unfolding on the lower timeframes. The extreme RSI reading of 15.8 on the current chart indicates a deeply oversold condition, which often precedes a strong bounce, not necessarily a continuation above that SMA. While the 200 SMA is a significant psychological level, market structure suggests we might see a sharp reversal from these lows before any sustained upside. I'm looking for a clear break of the immediate resistance around 67700, which aligns with the 20 SMA, as a first sign of strength, rather than just consolidation above the 200 SMA.