Today, Bitcoin’s market has displayed several noteworthy movements. Some investors are forecasting an uptrend as BTC closed with a green candle for the second consecutive month, signaling positive trading momentum. However, Bitcoin ETF fund outflows remain high, reaching $54.9 million, which reflects the continued volatility of the market.
Source: Investing
Trading Note: ✅
Buy: 69,173.80
Take Profit (TP): 67,466.89, 65,638.07
Stop Loss (SL): 70,545.41
Reasons for Entering the Trade:
The price is approaching a significant resistance zone. If it fails to break through, there is a chance the price may decline further.
Fibonacci: Target set at 168
Sell Entry Target: 35-50
RSI: Neutral
Wait for a reversal signal to determine entry timing. For those able to tolerate risk and prefer not to wait, you may set Pending Buy/Sell orders around the aforementioned zone. Alternatively, if you can accept the risk, you may proceed with a short-term scalping strategy, clearly defining entry and exit points, or hold for a longer period. If the price rises sufficiently, consider setting a trailing stop loss (TSL) to protect gains or gradually close positions to secure profits.
Experience Tip:
Breakouts and retests help avoid false breakouts and offer opportunities to gain a favorable price for “buying low and selling high.” This technique is popular among both short- and long-term traders, as well as contrarian and trend-following traders, due to its flexibility.
❗This is solely a personal opinion and may lead to both profits and losses. Investing involves risk; investors should research thoroughly before making decisions.