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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