Right now BTC has a very good chance of being bottomed out based on volume profile, price action, which makes this a very good risk reward trade. If we break this level we probably go a lot lower anyways, through which we will be able to enter way better and easily get back the potential losses of this trade.
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To elaborate points that support this trade: - At low volume node within high volume node of march-may tops - Spot volume very low, volume seems to be mostly future driven, probably capitulation so bullish - Onchain still bullish - Sell volume seems to be decreasing, looks like sellers are exhausted (RSI is also very oversold in a bigger uptrend) - MACD bullish div if we go up a little bit - Many shorts upward from 61.5k
I guess we could go to 53k, but I feel like too many people are waiting there and the correction would probably be bigger if we get there
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Never mind, invalidated. Wait a few hours (2-4)
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Ok few hours later now, would do the same if it shows any sign of making a higher low