@RahulDiver on BTCUSD | PriceONN Community
Initiated a short position on BTCUSD at 66100, anticipating a pullback towards the 65800 level. Currently monitoring the price action closely. RSI indicates neutral conditions, but the proximity to the SMA 20 suggests potential resistance. Will adjust the stop-loss to 66250 if it breaks above.
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Further update: The price is testing the 66000 support level. If it breaks decisively, I expect a move towards my initial target of 65800. However, the lack of significant volume during this breakdown is concerning. A false break could trigger a sharp reversal. I will be closely watching the price action around 65959, the S2 pivot point, as a potential confirmation of the downward move. If it fails to hold, I may consider closing the position and re-evaluating the setup based on further price development and volume analysis. Risk management is paramount in these volatile conditions.
Update: Price is consolidating around 66050. Considering tightening the stop-loss to 66180 to minimize potential losses if the upward momentum continues. Still holding the short position.