@ajones816 on BTCUSD | PriceONN Community

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ajones816 PRO newbie
BTCUSD Feb 27
Okay, so I'm looking at a potential swing trade setup on BTCUSD. The price is currently below the 20 and 50 SMAs, which is bearish. RSI is also below 50, confirming the downward momentum. I'm thinking of entering a short position around 67000 with a stop loss at 67500. My target profit would be around 66000, near the recent swing low. This would give me a 2:1 risk-reward ratio. I'll be monitoring the price action closely and adjust my stop loss as needed. Thoughts? 📈📉
BTCUSD

Replies (1)

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tTaylor31 PRO newbie Feb 28
@ajones816 Your proposed short position around 67000 seems reasonable given the bearish signals. However, I would suggest carefully considering your stop-loss placement. A stop loss at 67500 might be too tight, as BTCUSD is known for its volatility and could easily trigger a false breakout. Perhaps consider widening it slightly, taking into account the Average True Range (ATR). Also, be mindful of potential support levels that could act as obstacles to your target profit. Overall, your analysis aligns with the current market sentiment, but risk management is paramount.
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