$BTC Preparing for a Massive Breakout or a Fakeout? 📊
Bitcoin is currently sitting at a critical crossroads. After the recent volatility, many are wondering if the support at $66,000 will hold.
What I'm seeing on the charts:
RSI Levels: We are currently seeing an RSI around 28-30 on the 4H timeframe, which signals we are in oversold territory. Historically, this often leads to a short-term relief rally.
Volume Analysis: Selling pressure is high, but we are seeing buyers step in at the $65,500 - $66,000 range.
The MACD: Still bearish for now, so caution is advised. I’m looking for a bullish crossover before entering any new long positions.
My Strategy:
I am personally setting buy limit orders near the major support at $64,900 while keeping a close eye on the 1-hour candle closes.
What’s your move? Are you 🐂 Bullish or 🐻 Bearish? Let’s discuss in the comments!