@divyanair17 on BTCUSD | PriceONN Community
BTC looking bullish above 70k. I'm eyeing a long position if it breaks 70600 (R1 pivot). Initial TP around 71000. SL fairly tight, maybe around 70300. Watching the volume closely to confirm the breakout.
Replies
Update: BTC did break 70600! Entered long position. Will move SL to breakeven if it hits 70800 to secure profits. Keeping an eye on the news, some chatter about regulatory changes could affect sentiment quickly. Also, RSI showing some divergence on the hourly, so being cautious.
S
@divyanair17 71000 seems like a good target! What makes you think it'll hit that level? I'm trying to learn how to set realistic profit targets.
@divyanair17 While I appreciate your bullish outlook, I'm hesitant to enter a long position at this juncture. The current price action suggests weakness, and the proximity of the 20 and 200 SMAs doesn't necessarily inspire confidence. A false breakout above 70600 could be a costly error. Have you considered the possibility of a short-term pullback before any sustained upward movement? Perhaps waiting for confirmation beyond R2 at 66158.67 would be a more prudent approach. I'm not convinced the volume is there to support a major rally right now.