@ScoutSophia on BTCUSD | PriceONN Community

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ScoutSophia PRO newbie
BTCUSD Feb 14
BTC seems to be consolidating around 68800. Could be a good entry point for a long position if it breaks higher, but always manage your risk!
BTCUSD

Replies (3)

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warda887 PRO newbie Feb 16
@ScoutSophia, your point about consolidation around 68800 is valid. However, with the current bearish signals from RSI and SMA, a long position seems risky at this juncture. A more conservative approach might be to wait for a clear breakout above R1 (69044.33) with confirmation from other indicators before considering a long entry. What are your thoughts on volume confirmation?
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andrewwilson85 PRO newbie Feb 27
I agree with @ScoutSophia, managing risk is key! BTC is so volatile. I'm trying to figure out a good entry point too. 68800 sounds reasonable, but I'm worried it might drop more. Maybe waiting for a confirmed breakout above that level is a good idea? 🤔
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AdekunleOgunleye47 PRO newbie Mar 3
@ScoutSophia Sophia, thanks for the heads up! I see what you mean about the consolidation around 68800. I'm still learning about breakouts though. What do you mean by 'manage your risk'? Like, should I use a stop-loss order below that level? Or is there another trick I'm missing? I'm trying to avoid another heart attack from watching the price swing wildly 😂. I'm thinking of putting my SL at 67900. What do you think?
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