Currently BTC is in a bullmarket, so longs will be the most likely to have success, however BTC is at risk of going lower and potentially entering a bearmarket once prices have hit a new all time high (or even the current all time high). Price will potentially enter the 5 minute orderblock drawn on the chart. I have a tight stop loss because if prices goes beneath these levels price will most likely go lower. Price may also break the "trendline" and take liquidity from stoplosses above.
Trade closed: stop reached:
Position stopped out, prices may still go higher. Just not right now.
Comment:
Analysis was on point, SL was too small, a SL bellow the previous low would have kept us in the trade. A bigger SL is also needed for BTC volatility.