From the current market position at 102,663.96, Bitcoin is poised within a key price range. As per your outlined strategy, you're targeting a potential 4.71% drop to the mitigation block at 97,911. This level serves as a critical zone for price action, which could offer an opportunity for a potential reversal or continuation.
Key Levels:
Dealing Range High: 117,900
Mitigation Block: 97,911
Current Price: 102,663.96
Potential Drop: 4.71% to the mitigation block
Price Target (TP):
From the mitigation block at 97,911, the target suggests a 20% potential gain as the price moves toward the upper boundary of the dealing range at 117,900.
Key Observations:
Risk/Reward Ratio: The setup shows a favorable Risk/Reward ratio of 4.75, which aligns with a solid risk management strategy, especially considering the potential for a 20% gain from the mitigation block to the dealing range high.
Stop Loss: The stop loss is set around 93,456.00 as per the chart, ensuring proper risk management in case the market moves against the expected setup.
Suggested Strategy:
Entry: Watch for price action near the mitigation block (97,911) for a potential entry.
Take Profit: Aim for the 117,900 level, targeting a 20% gain.
Stop Loss: Keep stop loss orders at 94,960 to protect against larger downside movement.
This setup offers an attractive risk/reward proposition, but always ensure you are actively managing the trade, especially if price approaches the mitigation block.
Key Levels:
Dealing Range High: 117,900
Mitigation Block: 97,911
Current Price: 102,663.96
Potential Drop: 4.71% to the mitigation block
Price Target (TP):
From the mitigation block at 97,911, the target suggests a 20% potential gain as the price moves toward the upper boundary of the dealing range at 117,900.
Key Observations:
Risk/Reward Ratio: The setup shows a favorable Risk/Reward ratio of 4.75, which aligns with a solid risk management strategy, especially considering the potential for a 20% gain from the mitigation block to the dealing range high.
Stop Loss: The stop loss is set around 93,456.00 as per the chart, ensuring proper risk management in case the market moves against the expected setup.
Suggested Strategy:
Entry: Watch for price action near the mitigation block (97,911) for a potential entry.
Take Profit: Aim for the 117,900 level, targeting a 20% gain.
Stop Loss: Keep stop loss orders at 94,960 to protect against larger downside movement.
This setup offers an attractive risk/reward proposition, but always ensure you are actively managing the trade, especially if price approaches the mitigation block.
Lord MEDZ
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Lord MEDZ
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.