Bitcoin Pullback Setup | Adding to the Long Position for BINANCE:BTCUSDT by pullbacksignal
BINANCE:BTCUSDT Bitcoin has already reached the first target from the previous setup, but the bullish structure is still developing. After several days of correction, BTC has repeatedly tested the short-term resistance around $65,000. The more often a resistance is tested without a strong rejection, the more attention I pay to the possibility of a breakout. For the next move, I don't want to chase the price. I am looking for one of two confirmations: 🟢 Bullish Scenario If Bitcoin breaks …
BTCUSDTBitcoin has already reached the first target from the previous setup, but the bullish structure is still developing. After several days of correction, BTC has repeatedly tested the short-term resistance around $65,000. The more often a resistance is tested without a strong rejection, the more attention I pay to the possibility of a breakout. For the next move, I don't want to chase the price. I am looking for one of two confirmations:🟢 Bullish ScenarioIfBitcoinbreaks and holds above the $65,000 resistance, the breakout can confirm continuation toward the next targets. Alternatively, ifBTCpulls back toward the $64,970 area and gives a clear bullish Price Action confirmation, such as a strong rejection, bullish candlestick pattern, or continuation of higher highs and higher lows, I will look to add to the position. Trade Plan:⭕️ Stop Loss: 64,420🔵 TP1: 66,000🔵 TP2: 66,500🔵 TP3: 67,500The idea is simple:I would rather add to the position after confirmation and a controlled pullback than chase a breakout candle. The $65,000 resistance is the key short-term level. A clean breakout would increase the probability of continuation toward $66,000, $66,500 and eventually $67,500. Risk Management:A resistance breakout can always turn into a false breakout. If the market loses the pullback area and starts printing bearish structure on the lower timeframe, the bullish setup becomes weaker. Manage position size carefully, respect the stop loss, and never risk more than you can afford to lose. The first target has already been reached. Now we wait for the market to give us the next opportunity. ✨ Learn • Analyze • Trade📊 Free Analysis for Crypto • Forex • Gold🎯 Price Action & Market Structure📚 Trading Education & Market Insights💎 Premium VIP Signals & Risk ManagementBitcoin (Cryptocurrency)bitcoinpriceBTCBTCUSDChart PatternsTrend AnalysisRelated publicationsDisclaimerThe 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 theTerms of Use. DisclaimerThe 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 theTerms of Use.