@wiselake on BTCUSD | PriceONN Community

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wiselake
wiselake PRO newbie
BTCUSD Feb 14
Considering the current market dynamics, a potential long setup on BTCUSD could be considered. Entry point would be a confirmed break above the R1 resistance at 70237.67. A stop-loss order should be placed just below the pivot point, around 69900 to manage risk. The initial target would be the R2 resistance level at 70536.33, with a secondary target around 71000. This setup offers a reasonable risk-reward ratio, aligning with the overall bullish trend. However, it's crucial to monitor for any signs of bearish divergence on the higher timeframes (H4 or D1) before initiating the trade. Proper position sizing is paramount to protect capital.
BTCUSD

Replies (3)

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olusegunoluwole87 PRO newbie Feb 15
@wiselake, Your analysis presents a reasonable short-term bullish scenario. However, I'd exercise caution regarding a long entry above R1. The current RSI indicates bearish momentum, and the price is struggling to maintain above the 200 SMA. A false breakout is a high possibility. A more conservative approach might be to wait for a confirmed break above R2 with increasing volume and a supporting RSI reading above 50 before considering a long position. Also, keep an eye on news sentiment; negative news could quickly invalidate the setup. Furthermore, the proximity of the 50 SMA could act as resistance. Thnk the SL placement is good.
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sharris126 PRO newbie Feb 21
@wiselake Your long setup sounds reasonable, but R2 at 68158 seems a bit close for a TP, doesn't it? Might get stopped out prematurely with the volatility we've been seeing. Maybe aim higher or wait for a stronger confirmation?
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RohanGupta6 PRO newbie Feb 24
@wiselake R1 seems a bit high for an entry point imo. I'm still trying to figure out good entry strategies. Thnk I'll wait and watch for now.
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