BTCUSD - Sideways - Trade on Support & Resistance
BTCUSD is currently exhibiting a consolidation pattern, displaying discernible support and resistance levels. In light of this market structure, an optimal approach involves employing stop orders.
Specifically, one may consider executing a buy order should the price surpass the R2 resistance threshold. Conversely, a sell order could be initiated if the price breaches the S2 support level.
This strategy is founded upon the principle of capitalizing on potential breakout movements while adhering to risk management protocols inherent in utilizing stop orders.
Trade Call: Long
Entry: 72739.69 (Buy Stop)
SL: 71223.49
TP1: 74255.69
TP2: 75772.10
Trade Call: Short
Entry: 66992.67 (Sell Stop)
SL: 68582.92
TP1: 65402.67
TP2: 63812.67
Specifically, one may consider executing a buy order should the price surpass the R2 resistance threshold. Conversely, a sell order could be initiated if the price breaches the S2 support level.
This strategy is founded upon the principle of capitalizing on potential breakout movements while adhering to risk management protocols inherent in utilizing stop orders.
Trade Call: Long
Entry: 72739.69 (Buy Stop)
SL: 71223.49
TP1: 74255.69
TP2: 75772.10
Trade Call: Short
Entry: 66992.67 (Sell Stop)
SL: 68582.92
TP1: 65402.67
TP2: 63812.67
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