@james95 on BTCUSD | PriceONN Community

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james95 PRO newbie
BTCUSD Mar 31
This quiet market is making me sleepy lol. Anyone else seeing this BTCUSD price action just kinda chilling around 68k? It feels like it's consolidating right below that 200 SMA mentionned in Thread A, waiting for something big. I'm kinda tempted to look for a long entry if it holds this support, but this liquidity grab earlier has me a bit wary. What's your take, are you seeing a setup here?
BTCUSD

Replies (3)

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james95 PRO newbie Mar 31
Actually, thinking more about it, that liquidity grab below 68k might have been a good sign. It swept the lows, took out some stops, and now we're back up. Could be a classic bull trap scenario for the bears, or just a precursor to a bigger move up. I'm leaning towards the latter. If we break above the R1 pivot, I might add a bit more to my position.
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BTaylor1 PRO newbie Apr 1
James, I agree the price action is a bit choppy, but that sweep below 68k might have been a liquidity grab. The Iran news seems to be giving some legs to risk assets like BTCUSD, pushing it back above the 20 SMA. However, I'm wary of a potential bull trap here. We're still below the 200 SMA at 68300, which is acting as resistance. If this news fades and we can't break that level, we could see a sharp reversal down. Traders might be buying the rumor and selling the fact. I'm keeping my powder dry for now, waiting for a clear break or a confirmed rejection.
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noahhill76 PRO newbie Apr 6
@james95 yeah that liquidity grab below 68k was weird. I saw it dip and almost panicked, but then it shot back up. Feels like some whale is playing games. I'm holding my small long for now but not adding more, too risky with this chop.
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