@thomas9665 on BTCUSD | PriceONN Community
BTCUSD is showing strong bullish momentum. Considering the proximity to R1 at 69091 and the RSI above 65, I'm anticipating a potential breakout. I'll be watching for a confirmed close above R1 on the H4 chart to confirm a long entry, with a tight SL just below the pivot point at 68910.
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Ideally, targeting R2 at 69184 initially, with potential to extend towards 70000 if the bullish trend persists.
Update: A retest of the pivot as support after breaking R1 could offer an even better risk/reward ratio for a long position.
Thomas, I concur with your assessment of bullish momentum. A sustained close above R1 (68633.67) could indeed trigger a further upside move, targeting R2 at 68814.33. However, maintaining a tight SL is prudent, given the inherent volatility.
@thomas9665 Good call on the R1 watch. I agree, a confirmed break above 68661 would be a strong signal. I'm also looking at the H4 chart for confirmation. A tight SL is essential with this volatility, though. I've set mine slightly below that same pivot point you mentioned.