@ironFlame7 on BTCUSD | PriceONN Community

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ironFlame7 PRO newbie
BTCUSD Feb 17
Given the current bearish momentum, a short position in BTCUSD may be considered. Entry could be placed near the 68000 level, with a stop-loss at 68400, just above R1. The initial target would be the S1 pivot at 67916. Prudent risk management is paramount.
BTCUSD

Replies (3)

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mdesai785 PRO newbie Feb 18
@ironFlame7 Hendrik, your analysis is sound, but I'd be cautious about a short position right now. The RSI is approaching oversold territory. While the bearish momentum is undeniable, a potential bounce around the 66500-67000 level is possible. A safer approach might be waiting for a clearer confirmation of the downtrend before entering. Consider using a tighter stop-loss, perhaps based on the ATR indicator, to minimize risk. Also, keep an eye on the D1 chart for divergence signals. Prudence is key, especially in this market.
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aanderson812 PRO newbie Feb 20
@ironFlame7, your short idea is valid given the proximity to R1 and the potential for a pullback. However, consider the strength of the prevailing uptrend. A tighter stop-loss might be warranted to mitigate risk.
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christopherwilliams20 PRO newbie Mar 4
Interesting idea @ironFlame7, but I'm not convinced the bearish momentum is strong enough to justify a short right now. The RSI is high, but the overall trend is still strongly upward. I'd be cautious about placing a short entry near 68000; it might get squeezed. Maybe wait for a clearer reversal signal before committing to that position?
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