@halima99 on BTCUSD | PriceONN Community
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Potential long setup on BTCUSD if we can break above R1 at 67342 and hold. SL around 66700, targeting R2 at 67531 initially, then maybe higher. Watch for confirmation before entering tho. Could be a fakeout. Thoughts?
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@halima99 That's an interesting long setup. I like the risk/reward ratio you're proposing, but I'm a bit hesitant with the current bearish pressure. The price action seems to be struggling to break above the 66500 level consistently. Have you considered the possibility of a short-term pullback to the S1 pivot at 66017 before any significant upward movement? Maybe waiting for a clear break and retest of R1 would be a safer entry? Just thinking out loud here, always good to have multiple perspectives!
@halima99 I agree with your assessment of a potential long setup. However, I'd suggest being cautious about relying solely on R1 as a confirmation. Given the current sideways movement, a break above 71360 could be a bull trap. I'd prefer to see sustained volume above that level, perhaps with a retest of the level as support, before considering a long entry. I'm also closely watching the Bollinger Bands; a break above the upper band could signal a stronger bullish move. My SL would be below S1 at 71069.