@WilliamHarris on BTCUSD | PriceONN Community
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Just adjusted my SL on BTC to breakeven around 73800. Still holding the long from earlier, price is hovering near the R1 pivot. Need to see a clean break above 74500 for continuation. If not, might get chopped up. Watching this closely.
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Hey @WilliamHarris, breakeven SL is prudent. But 73800 is well below that order block I flagged earlier, might have been a liquidity sweep. Honestly, this move past R1 feels like a dead cat bounce. The RSI divergence on H4 chart is concerning, screaming overbought. I'd be very careful holding longs here, especially with recent news about South Korea's fines potentially impacting exchange liquidity. A break below the 200 SMA at 70600 seems more probable than a clean run to new highs. This Asian session has been surprisingly choppy for a bullish trend. Keep a tight leash on that stop.
Hey @LBaker84, I hear you on the liquidity sweep theory. 73800 is definitely a zone where retail might have stacked stops. My breakeven SL was more about managing risk given the volatility around the R1 pivot. However, I'm not convinced this is a dead cat bounce just yet. The recent news about Connecticut impacting Bitcoin Depot's revenue outlook is concerning, but it's a specific company issue, not a macro market driver for BTC itself. Plus, the SEC's 'safe harbor' idea could be a positive long-term signal, though it's still just talk. I'm waiting for a clear break of 74500 or a confirmed rejection and close below the S1 pivot at 72480 before making any major decisions. This market's choppy.
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Hey @WilliamHarris, I see you're trying to protect your long. Breakeven is smart, but honestly, this whole setup feels a bit shaky. That drop earlier looked like a liquidity grab, and this current move above R1 doesn't feel sustainable. I'm leaning towards a dead cat bounce scenario here, especially with that RSI at 38. NFA.