Sell Strategy for BTCUSDT Based on the Provided ChartKey Resistance Zone:
The chart indicates a strong resistance area around 63,657 - 63,679 USDT. This is where the price has previously failed to break higher and has shown signs of a reversal, making it a prime area to consider selling.
Confluence Zone:
There is a notable confluence zone marked between 61,776 - 61,929 USDT. This area is significant because it aligns with various technical factors. The price is likely to retest this zone before continuing the downward trend. A rejection candle (such as a pin bar or bearish engulfing pattern) in this area would be a strong confirmation to enter a sell trade.
Entry Strategy:
Wait for the price to return to the confluence zone (highlighted by the red arrow and circle on the chart). Once the price reaches this area, enter a sell position when there is a clear rejection signal, such as a bearish candle formation indicating price reversal.
Take Profit Target:
The ideal take profit zone is around 57,876 - 57,898 USDT, which is marked as a strong support area on the chart. If the downward momentum continues, this is a likely target for the price to hit.
Stop Loss Placement:
Place your stop loss above the resistance area, around 63,679 USDT. This will protect your position in case the price breaks above the resistance and shifts towards an upward trend.
Summary of the Strategy:
Entry: Around 61,776 - 61,929 USDT, upon observing a bearish price rejection.
Take Profit: Target 57,876 - 57,898 USDT.
Stop Loss: Set above 63,679 USDT to minimize risk.
This strategy is based on the confluence of key technical levels, resistance, and support areas shown on the 4-hour chart. It focuses on waiting for a clear rejection signal before entering a sell trade.
