BTCUSD: Preparing Positional Long Entry
Updated
Since our last post, the BTCUSD market went through a corrective phase that brought the price to the mid20k level, the lowest price since the onset of the price discovery phase when the prior ATH was left behind with a bang. It is an exceptionally well-behaved market despite the turmoil that many other DeFi projects incl. stable coins have been going through. It seems reasonable to be looking for opportunities to add to long exposure in this market as the risk/reward is becoming more attractive.
Key events/levels to look for clues:
BTCUSD is at a very pivotal moment and opportunities always come with risk, do manage the risk accordingly.
Staying tuned for further tells.
Key events/levels to look for clues:
- 25k bottom retest;
- 25k bottom retest +break = 7.5k extension lower;
- 17.5k - 22.5k as a major bottom.
BTCUSD is at a very pivotal moment and opportunities always come with risk, do manage the risk accordingly. Staying tuned for further tells.
Trade active
Entry @ 17.59k, stop @ 2.758k, 6R target @ 106.582k. This is a positional trade that is expected to mature in 5 years time. No derivatives used, only spot purchase of bitcoin with subsequent storage in a cold wallet.
Given the macro environment, massive volatility and downside is expected which necessitates the use of wider stop. No liquidation is possible as we are trading spot; nevertheless, we should always have a downside limit on price spread whenever entering any market.
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