BTC/USDT Reentry: Filling the Large Sell Orders Around 70K
Updated
After being spiked out in the previous BTC setup, I decided to reenter the trade, and so far, the market is moving in our favor. An important observation is the presence of large sell orders around the 70K level, which suggests the price might first need to revisit this area before we see any major continuation. It’s unlikely for BTC to make a deep retrace to 50K before filling these orders.
Technical Analysis:
• BTC has shown signs of retracing into a key Fibonacci zone while still respecting the bullish structure.
• The FibCloud indicator confirms that price is holding above key support levels, and we may see a continuation if momentum maintains.
• The volume is increasing, particularly around the 70K zone, showing that buyers and sellers are locking in this range for potential price action.
Risk Management:
• Given the volatility of BTC and the presence of large orders, I’m keeping a close watch on the 70K level.
• Stops have been placed below the key Fib levels to minimize potential losses if the price reverses sharply.
• If the price hits this level without major bullish pressure, I may look to exit or adjust my position.
While our bias remains valid, spikes like the one that triggered our previous stop loss are typical in such markets. The goal here is not to label this trade as good or bad but to demonstrate that staying calm and managing risk is crucial. The market’s conditions constantly shift, and how we adapt to these changes defines our trading success.
Both sides can make money in this game—the key is how we handle it. Don’t forget to trust yourself and adjust according to the market’s signals. How are you handling your trade setups this week?
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
Technical Analysis:
• BTC has shown signs of retracing into a key Fibonacci zone while still respecting the bullish structure.
• The FibCloud indicator confirms that price is holding above key support levels, and we may see a continuation if momentum maintains.
• The volume is increasing, particularly around the 70K zone, showing that buyers and sellers are locking in this range for potential price action.
Risk Management:
• Given the volatility of BTC and the presence of large orders, I’m keeping a close watch on the 70K level.
• Stops have been placed below the key Fib levels to minimize potential losses if the price reverses sharply.
• If the price hits this level without major bullish pressure, I may look to exit or adjust my position.
While our bias remains valid, spikes like the one that triggered our previous stop loss are typical in such markets. The goal here is not to label this trade as good or bad but to demonstrate that staying calm and managing risk is crucial. The market’s conditions constantly shift, and how we adapt to these changes defines our trading success.
Both sides can make money in this game—the key is how we handle it. Don’t forget to trust yourself and adjust according to the market’s signals. How are you handling your trade setups this week?
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
Trade active
The Bitcoin trade has successfully reached TP2, with the stop loss now adjusted to the 61.5k price zone. If Bitcoin retraces towards this level, I will manually close the position. Significant sell orders are still visible around the 70k level, indicating that a spike to that zone remains likely.
This trade is based on the same bias as the initial setup. Although I was spiked out previously, I re-entered the market with the same target, adapting to the data the market provided.
In trading, we can access endless amounts of data—whether free or paid—but our success depends on how we execute and react to preserve our capital. As we saw yesterday, Bitcoin had a 4.6% move. Regardless of whether you shorted or bought, the opportunity was there to make a profit.
Congratulations to those who held onto the trade! Continue to monitor the market, and enjoy the rest of the trading week!
Trade active
At this point, I’ve adjusted my stop-loss (SL) to the 67.2K price zone to lock in profits while managing risk effectively. By the end of the day, the trade will likely hit either the SL or the target price (TP). I’m avoiding holding this trade over the weekend due to swap fees.
Remember, it’s crucial to pay yourself when you’re in profit—whether that means taking partial profits or adjusting your stop-loss to secure gains. Managing your risk and capital in volatile markets is key. Let’s see how the market closes—stay alert and ensure you’re maximizing your opportunities while safeguarding your capital!
Trade closed: target reached
The BTC trade target has been filled, and what a great move it was! The price moved swiftly, and I was positioned to catch it. This trade exemplifies what it’s all about—small losses and big wins. For those of you who took this trade, congratulations on seizing the opportunity!
Remember, it’s essential to pay yourself along the way. Managing risk and securing profits when they present themselves is the hallmark of consistent trading success. Stay sharp, stick to your plan, and celebrate your wins while always keeping risk management in focus. Onward to the next trade!
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.