Trading Scenario: Bullish Breakout
Current Situation: BTCUSDT is currently trading around $85,300, near a resistance area indicated by the purple horizontal line. You've identified this as a key level. Below the current price, It's been marked a support zone (another purple horizontal line). You also have three potential take-profit levels (TP1, TP2, TP3) significantly higher, suggesting you anticipate a strong upward move if resistance is broken.
Entry:
Aggressive Entry: A potential entry could be considered upon a confirmed breakout above the current resistance level (around $86,000). A strong bullish candle closing above this level with good volume could signal the start of the upward momentum.
Conservative Entry: More conservative traders might wait for a retest of the broken resistance as new support before entering a long position. This reduces the risk of a false breakout.
Stop Loss:
A stop-loss order should be placed below the recent support level (around $84,000). This level acted as a floor previously, and a break below it might invalidate the bullish scenario. You could also consider placing it slightly below the entry point if you enter on a retest.
Take Profit Levels:
TP1: $88,500. This is your first target and a logical place to take partial profits or move your stop loss to breakeven to secure the initial gains.
TP2: $93,000. This is your second profit target, representing a more significant move upwards. Consider taking more profits at this level.
TP3: $99,000. This is your final and most ambitious target. It suggests you anticipate a strong and sustained bullish trend.
Current Situation: BTCUSDT is currently trading around $85,300, near a resistance area indicated by the purple horizontal line. You've identified this as a key level. Below the current price, It's been marked a support zone (another purple horizontal line). You also have three potential take-profit levels (TP1, TP2, TP3) significantly higher, suggesting you anticipate a strong upward move if resistance is broken.
Entry:
Aggressive Entry: A potential entry could be considered upon a confirmed breakout above the current resistance level (around $86,000). A strong bullish candle closing above this level with good volume could signal the start of the upward momentum.
Conservative Entry: More conservative traders might wait for a retest of the broken resistance as new support before entering a long position. This reduces the risk of a false breakout.
Stop Loss:
A stop-loss order should be placed below the recent support level (around $84,000). This level acted as a floor previously, and a break below it might invalidate the bullish scenario. You could also consider placing it slightly below the entry point if you enter on a retest.
Take Profit Levels:
TP1: $88,500. This is your first target and a logical place to take partial profits or move your stop loss to breakeven to secure the initial gains.
TP2: $93,000. This is your second profit target, representing a more significant move upwards. Consider taking more profits at this level.
TP3: $99,000. This is your final and most ambitious target. It suggests you anticipate a strong and sustained bullish trend.
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.
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.