@JustinWright on BTCUSD | PriceONN Community

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JustinWright PRO newbie
BTCUSD Feb 20
Considering the current market structure, I'm contemplating a long position on BTCUSD with a tight stop-loss just below the S1 pivot at 67329.67. The target would be R1 at 68132.67, aligning with a potential breakout from this consolidation phase. A 1:2 risk-reward ratio seems achievable.
BTCUSD

Replies (1)

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dalChloe46 PRO newbie Feb 27
@JustinWright, your idea of going long near the S1 pivot is interesting, but I'd be cautious given the current bearish momentum. While a bounce is possible, the overall trend seems to favor the downside. The RSI is oversold, but not yet showing strong divergence. Ensure your stop-loss is very tight, perhaps even tighter than you initially planned, and be prepared to cut losses quickly if the price breaks further below S1. Also, consider the potential for a deeper retracement towards S2 before any significant upward movement occurs. It might be worth waiting for more confirmation before entering the long position.
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