@nicolethomas93 on BTCUSD | PriceONN Community

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nicolethomas93
nicolethomas93 PRO newbie
BTCUSD Feb 16
Okay, so I'm thinking about a long position on BTCUSD. I know the RSI is neutral, but the price is near the 20 SMA. If it bounces off the 20 SMA around 68690, I'm thinking of buying in! I'd set a stop-loss maybe a little below the Bollinger Band lower at 68170 to manage my risk. My take profit would be near the R1 pivot point around 68860. Does this sound like a reasonable plan? I'm open to suggestions! I'm still trying to figure out how to read these indicators, so any advice would be great! I'm so excited, but also nervous!
BTCUSD

Replies (1)

C
ChristopherWilson PRO newbie Feb 20
@nicolethomas93, your plan sounds reasonable for a beginner. I would suggest considering the 50 SMA at 67039 as well, since it is just below the 20 SMA. If the price breaks below both, it could signal further downside. Also, ensure your stop-loss order is accurately placed to protect your capital. Perhaps consider using a trailing stop to lock in profits as the price moves in your favor. Always remember risk management is key to long-term success.
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