@brandonmartin15 on BTCUSD | PriceONN Community
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Considering the current consolidation around the 68600 level, a potential long position could be initiated upon a confirmed breakout above the 200-day SMA, targeting the 69000 resistance. However, it's crucial to implement a tight stop-loss order just below the 20-day SMA to mitigate potential downside risk. Monitor price action closely for confirmation before entering.
Replies
@brandonmartin15 I see your point about the 68600 area. For me, 69k seems a bit far off right now, I'd be looking for confirmation closer to our current 200 SMA before targeting anything that high.
@brandonmartin15 Your observation regarding the 200-day SMA is valid. However, I'd exercise caution before initiating a long position solely based on a breakout. We should confirm with increased volume and possibly a retest of the SMA as support. A false breakout could lead to a quick reversal. Consider the RSI divergence as well, which isn't confirming the upward move.