UPDATE ON BTC LONG TRADE WITH CHART

 

BTC Long: Riding the Trend, Protecting Profits                                               

 Initiated a long position at 103,400. 




 Current Market State & Price Action:

  • Current Price: The market is currently trading at 104,619
  • Profit Status: The position is currently in profit, reflecting a positive initial validation of our entry.
  • Structure: BTC has been consolidating within what appears to be a descending channel or bull flag formation. This pattern often resolves to the upside in a continuation of the preceding trend.
  • Key Support Identified: A critical horizontal support level has formed around 100,633.4. This level previously acted as resistance and has now demonstrated its efficacy as support, a classic flip in market structure.
  • Stop-Loss (SL) Adjustment: I have moved my Stop-Loss (SL) into profit. By doing I, we have eliminated the downside risk of the trade turning negative against our initial entry, effectively securing a minimum profit should the market reverse unexpectedly.

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