Given the prevailing resistance zone, it appears highly probable that BTC will experience a downward trajectory as it progresses through each level.
A further upward surge towards the $29,300 mark would be acceptable to me but if it holds above that levels and provides a valid continuation upside, I will switch long. However, should the trend line (1.), a subsequent breakdown below this level would represent a high-probability scenario. This outcome would also safeguard my stop loss. If such an eventuality were to arise, I would consider elevating my risk profile during the trend line break retest.
Example where I would increase my short position size:
Below are my major targets for short scenario:
Target 1: 26,018.5 which is the Q1 2023 range 75%
Target 2: 24,271.5 which is a major resistance level
Target 3: 22,839.5 which is the Q1 2023 mid-range 50% right above a major macro resistance.
Further indication for downtrend:
BTC is in a major middle-range level as indicated by the grey line at $28,579
This is my current BTC position which I would increase on trend breakout (1.)
A further upward surge towards the $29,300 mark would be acceptable to me but if it holds above that levels and provides a valid continuation upside, I will switch long. However, should the trend line (1.), a subsequent breakdown below this level would represent a high-probability scenario. This outcome would also safeguard my stop loss. If such an eventuality were to arise, I would consider elevating my risk profile during the trend line break retest.
Example where I would increase my short position size:
Below are my major targets for short scenario:
Target 1: 26,018.5 which is the Q1 2023 range 75%
Target 2: 24,271.5 which is a major resistance level
Target 3: 22,839.5 which is the Q1 2023 mid-range 50% right above a major macro resistance.
Further indication for downtrend:
BTC is in a major middle-range level as indicated by the grey line at $28,579
This is my current BTC position which I would increase on trend breakout (1.)
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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.