Bitcoin / TetherUSShort
BTC on BUY! - But on 92 - 91k! Understand Why!
Bitcoin looks promising as both retail and institutional players hold onto their profits. If BTC had reached 100K, it could have triggered liquidations worth approximately $2 billion, but that scenario didn’t unfold.
What’s worth noting here is the SMA that previously acted as support around the
67K level. Historically, SMAs don’t always provide pinpoint resistance or support. Instead, they can often dip slightly before reclaiming their role as support. Buffer zones are crucial when relying on SMA levels.
Key Observations:
• BTC Outlook: Currently, BTC appears slightly weak, with potential movement toward the SMA level of $92,490 (previously $91,658 as of December 2, 2024).
• TPO Zone: Watch for a TPO zone between $91,658 and $91,091, which represents a strong area for fresh buying opportunities.
• Short Setup: Shorts can be initiated at the current market price (CMP) with a risk-reward ratio of 1:3, provided a proper stop-loss is maintained.
Trading Plan:
1. Shorts:
• Entry: CMP
• Stop Loss: Tight SL for 1:3 risk-reward.
2. Fresh Buys:
• Entry Zone: $91,658 to $91,091.
• Avoid initiating buys above this zone to ensure optimal positioning.
⚠️ Pro Tip: When trading based on SMA levels, always account for minor deviations. Incorporating a buffer ensures that sudden dips don’t shake you out of a solid trade idea.
What’s worth noting here is the SMA that previously acted as support around the
67K level. Historically, SMAs don’t always provide pinpoint resistance or support. Instead, they can often dip slightly before reclaiming their role as support. Buffer zones are crucial when relying on SMA levels.Key Observations:
• BTC Outlook: Currently, BTC appears slightly weak, with potential movement toward the SMA level of $92,490 (previously $91,658 as of December 2, 2024).
• TPO Zone: Watch for a TPO zone between $91,658 and $91,091, which represents a strong area for fresh buying opportunities.
• Short Setup: Shorts can be initiated at the current market price (CMP) with a risk-reward ratio of 1:3, provided a proper stop-loss is maintained.
Trading Plan:
1. Shorts:
• Entry: CMP
• Stop Loss: Tight SL for 1:3 risk-reward.
2. Fresh Buys:
• Entry Zone: $91,658 to $91,091.
• Avoid initiating buys above this zone to ensure optimal positioning.
⚠️ Pro Tip: When trading based on SMA levels, always account for minor deviations. Incorporating a buffer ensures that sudden dips don’t shake you out of a solid trade idea.
Telegram Channel : @mastaishere
〽️agic Begins 🪄 with 〽️astaCrypta!
Accuracy and Precision?? - I just doodle and that's it 👀
Join The Alchemy Syndicate from 〽️astaTrades Today!
The 〽️agic happens here: @MastaCryp
〽️agic Begins 🪄 with 〽️astaCrypta!
Accuracy and Precision?? - I just doodle and that's it 👀
Join The Alchemy Syndicate from 〽️astaTrades Today!
The 〽️agic happens here: @MastaCryp
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.