Scalping BTC using simple S&R analysis
The price is likely to break the resistance at the 67,234 level and retest this area as support. This outlook is supported by the price holding within the range level (marked by the white line) and the presence of strong support at 66,770, which aligns with a previous resistance level, creating a confluence.
However, there is still a possibility that the price could be rejected at the resistance. In that case, the price may retest the support or even break below it. Based on current market conditions, the likelihood of this scenario is approximately 30%.
I will place a stop-limit buy order at 67235 and stop-loss at 66770. Profit ratio at 1:3.
However, there is still a possibility that the price could be rejected at the resistance. In that case, the price may retest the support or even break below it. Based on current market conditions, the likelihood of this scenario is approximately 30%.
I will place a stop-limit buy order at 67235 and stop-loss at 66770. Profit ratio at 1:3.
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