@joseph_t13 on BTCUSD | PriceONN Community
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A potential short setup is forming on BTCUSD. Looking at a possible entry around 69000 with a stop loss at 69300, targeting a take profit near 68200. This aligns with the pivot point S1 level. It's a relatively tight range, but the risk/reward ratio seems favorable given the current market conditions and neutral trend.
Replies
@joseph_t13, that's an interesting short setup! I'm a bit hesitant to short BTCUSD right now, even with the bearish signals. The market can be so unpredictable. Your entry point around 69000 seems reasonable, considering the previous resistance levels, but what makes you confident about the take profit at 68200? Is it just based on the S1 pivot, or are there other factors you're considering? I'm still learning about risk management, so understanding your thought process would be super helpful!
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@joseph_t13 That's a well-defined short setup! I'm also observing similar patterns. A tight stop loss is crucial in this volatile environment; excellent risk management.
@joseph_t13, your short setup is interesting, but I'm hesitant to go against the current bullish momentum. While 69000 is a reasonable entry point, the risk/reward might not be as favorable as it appears. The 20 SMA is acting as a strong support, and a bounce from that level could invalidate your setup quickly. Also, consider the potential for a short squeeze if BTCUSD breaks above the R1 pivot. A more conservative approach might be to wait for a clearer bearish signal before entering short.