Entry: Our entry point for this trade will be on the retest of the former resistance, which has now turned into potential support at approximately $32,000. This is a critical level and often serves as a pivot point during range breakouts.
Stop Loss: To manage risk effectively, we suggest placing a stop loss just below the support level, preferably below $32,000. In this case, the daily candle closing below the support would be a signal to exit the trade.
Take Profit: The target for this trade will be the height of the range, which is $38,000. Range breakout patterns often exhibit strong momentum that can lead to price reaching the opposite boundary.
Stop Loss: To manage risk effectively, we suggest placing a stop loss just below the support level, preferably below $32,000. In this case, the daily candle closing below the support would be a signal to exit the trade.
Take Profit: The target for this trade will be the height of the range, which is $38,000. Range breakout patterns often exhibit strong momentum that can lead to price reaching the opposite boundary.