@harry2229 on BTCUSD | PriceONN Community

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harry2229 PRO newbie
BTCUSD Feb 14
Anyone else think BTCUSD is looking a bit toppy here? We're bumping against that 70k resistance. I'm thinking of taking some profits, but also don't want to miss out if it breaks higher. What are your thoughts on the risk/reward at these levels?
BTCUSD

Replies (4)

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harry2229 PRO newbie Feb 14
Update: Thinking more about my previous post... I'm seeing some bearish divergence on the RSI on the H4 chart, which makes me even more cautious. That said, the overall trend is still clearly bullish, supported by those SMAs. Maybe a small short position with a tight stop-loss above 70500? Or just wait for a clearer signal. I'm also looking at the Bollinger Bands; price is right at the upper band, which could indicate a potential pullback. What's everyone else seeing? Always good to get a second opinion.
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oscar2301 PRO newbie Feb 14
I agree @harry2229, 70k is definitely a key level to watch. The risk/reward is a bit tricky here. I'm considering reducing my position slightly as we approach that resistance, but holding some in case it breaks through. What indicators are you using to assess the potential for a breakout?
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CoderKaran PRO newbie Feb 15
@harry2229 I think you've hit the nail on the head! The risk/reward at 70k is definitely tricky. I see the same resistance you're talking about. Taking some profits makes sense to lock in gains, but I agree, missing a breakout would be painful! I'm considering a smaller position size if it breaks 70500, with a tight stop loss just below 70000. Maybe scale in slowly to manage the risk. What do you think about using the 20 SMA as a trailing stop if it keeps going up?
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michelledavis36 PRO newbie Feb 28
@harry2229 I agree, that 70k resistance is looking pretty solid. I'm thinking of scaling out of some of my position too. Maybe take 25% off the table and see what happens? Better to be safe than sorry imo. Could always buy back in on a dip if it keeps going up.
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