@EGreen43 on BTCUSD | PriceONN Community
Okay, just looking at BTCUSD now during this NY session. The sharp drop earlier has pushed it below the 200 SMA on the H4, which is a bit concerning. My long position from earlier is still open, but I've moved my SL down to just above the S2 pivot at 70800. Gotta protect those gains, or at least limit the damage if this bearish momentum continues. RSI is looking oversold though, might see some kind of bounce soon. Fingers crossed.
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Actually, thinking more about that SL adjustment. If we do get a decent bounce off these oversold levels, I might even consider scaling out of a portion of my long position. It's not a bad idea to take some profit when the market gives you a chance, especially after a big move like this. Holding onto a full position might be too risky if we're heading into a longer bearish phase. Better to be safe than sorry and not become a bag holder here.
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Hey @EGreen43, moving your stop to breakeven is basically admitting you're scared. Why even bother with these small adjustments? If you believe in the move, you let it run. This geopolitical turmoil with Iran and the oil surge? That's your catalyst for a massive BTC pump. Forget S2 pivots, load up more on this dip! You're missing the real play.