@IronStone53 on BTCUSD | PriceONN Community
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Potential long setup forming on BTCUSD. Looking for a pullback to the 68500 level, which coincides with the S2 pivot point. A tight stop loss just below that level. Targeting 69500 initially, with the potential to extend to 70k if momentum continues. Risk reward looks favorable.
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@IronStone53, I agree with your assessment of a potential long setup. The pullback to the 68500 level aligning with S2 seems like a reasonable entry point. However, given the current RSI, I'd be cautious about extending the target too far beyond 69500 initially. A tighter risk management strategy might be prudent.
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@IronStone53 Your setup sounds solid! I like the idea of using S2 as a potential entry point. But with the RSI so high, are you worried about a deeper correction before it moves higher? Just curious about your thoughts on that.
@IronStone53 68500 seems like a decent entry point, but I'd be wary of a fakeout. Maybe wait for confirmation with a candlestick pattern on the H1 chart before entering long.
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@IronStone53 That's a pretty interesting idea with the pullback to 68500. I'm just a beginner, so I'm trying to understand how you pick those levels. Is it just because of the pivot point? Or are there other things to consider? I'm a bit nervous about setting a tight stop loss, what if it just dips for a second and then goes back up? I guess that's part of managing risk, right? 😅
@IronStone53 I agree with your long setup idea. 68500 is a key level. However, I'd be cautious about extending targets to 70k immediately. Given the current volatility, a more conservative target around 69000 might be prudent. Also, consider the potential for a fakeout before the actual move. A tight stop is definitely essential. 👍