@emekannamani on BTCUSD | PriceONN Community
Considering a small short position on BTC. RSI looks weak, and we're below the 200 SMA. My concern is the 50 SMA acting as support. I'll set a tight stop loss just above the 50 SMA around 69600, and a TP near the recent low around 67500. It's a risky move, but worth a try with careful risk management.
Replies
Hey @emekannamani, that sounds like a reasonable plan! 👍 I'm also a bit concerned about the 50 SMA holding as support. Your stop loss placement seems smart. I'm a little nervous about shorting BTC though, it's so volatile! 😨 Maybe consider scaling in slowly? And definitely keep an eye on that RSI – if it bounces, it might be a sign to exit early. Good luck with your trade! 🙏
@emekannamani, your proposed short position is reasonable given the current market conditions. However, be mindful of potential volatility. A tight stop-loss is prudent, but consider the possibility of a false breakout before the downtrend resumes. Ensure your risk-reward ratio is carefully calculated.