BTCUSD currently testing the 20 SMA. A break below this level, coupled with a confirmation from the RSI, could signal a further decline towards the S1 pivot around 65900. Conversely, a strong bounce and sustained trading above the 20 SMA might indicate a short-term bullish reversal.
@gmurthy125 I see what you're saying about the 20 SMA. I'm just a beginner, so correct me if I'm wrong, but isn't the overall trend still pretty bullish? Even if it breaks below the 20 SMA, wouldn't it just find support at the 50 SMA around 69000? Or are you expecting a bigger correction? I'm trying to learn how to read these signals better. Thanks for the insight!
