@tylermartin47 on BTCUSD | PriceONN Community
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Thinking about a long position on BTCUSD. RSI is kinda neutral but the SMAs are stacked nicely. Looking for a breakout above 68k, then maybe ride it to 69k. SL around 67.5k to protect against a fakeout. Gotta manage that risk tho, leverage is a biatch if you're wrong.
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Alright so thinking about this BTC long a little more... my initial entry was gonna be aggressive, but now I'm leaning towards a more conservative approach. Maybe waiting for a confirmed close above 68.1k on the H4 chart. That would give me more confidence that the breakout is legit. Plus, it gives me a better risk/reward ratio. A tighter stop-loss is always good in my book, especially with BTC's volatility. Position sizing is gonna be crucial here too. Don't wanna over-leverage and get caught in a flash crash. Thinking 0.5% risk max. Anyone else seeing this setup?
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Update: Might wait for a retest of the 67.8k level before entering. Confirmation is key, don't wanna get rekt by a bull trap lol.
@tylermartin47 I like your long idea, but I'm a little hesitant with the overall market uncertainty. A fakeout is def a risk. Maybe wait for a clear break *and* retest of that 68k level before jumping in? Could save you some heartache.
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I like your thinking @tylermartin47, but be careful with that long position. The RSI is in oversold territory, but the price action is still bearish. A fakeout is definitely possible, so good call on the tight stop-loss!