BTC/USDT Reentry: Filling the Large Sell Orders Around 70K
2024-10-14

After being spiked out in the previous BTC setup, I decided to reenter the trade, and so far, the market is moving in our favor. An important observation is the presence of large sell orders around the 70K level, which suggests the price might first need to revisit this area before we see any major continuation. It’s unlikely for BTC to make a deep retrace to 50K before filling these orders.

 Technical Analysis: 

	•	BTC has shown signs of retracing into a key Fibonacci zone while still respecting the bullish structure.
	•	The FibCloud indicator confirms that price is holding above key support levels, and we may see a continuation if momentum maintains.
	•	The volume is increasing, particularly around the 70K zone, showing that buyers and sellers are locking in this range for potential price action.

 Risk Management: 

	•	Given the volatility of BTC and the presence of large orders, I’m keeping a close watch on the 70K level.
	•	Stops have been placed below the key Fib levels to minimize potential losses if the price reverses sharply.
	•	If the price hits this level without major bullish pressure, I may look to exit or adjust my position.

While our bias remains valid, spikes like the one that triggered our previous stop loss are typical in such markets. The goal here is not to label this trade as good or bad but to demonstrate that staying calm and managing risk is crucial. The market’s conditions constantly shift, and how we adapt to these changes defines our trading success.

Both sides can make money in this game—the key is how we handle it. Don’t forget to trust yourself and adjust according to the market’s signals. How are you handling your trade setups this week?

 Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.