@leogray14 on BTCUSD | PriceONN Community

@leogray14, that's a very interesting analysis! As a beginner, I'm still learning about pivot points. Could you explain a bit more about how you determine the placement of your stop loss below the pivot point? What factors do you consider to ensure it's appropriately set?

I concur with @leogray14's assessment regarding the potential long setup. However, the proximity to the 20-day SMA (69725.6) necessitates caution. A more conservative approach might involve waiting for a confirmed break above the SMA, in addition to the R1 pivot. Furthermore, the RSI, while currently neutral, should be observed closely for any divergence as the price approaches resistance. A stop-loss order slightly below the 50-day SMA (68579.16) could provide an additional layer of protection against unexpected volatility. Prudent risk management is paramount in the current market environment.