$BTC
To determine the next best trade entry with take profit (TP) and stop loss (SL) for Bitcoin (BTC) against Tether (USDT) based on the provided chart, consider the following points:
1. Identify Support and Resistance Levels: Look for areas where the price has previously bounced (support) or reversed (resistance). From the chart, it seems like 108,700 could act as a support level.
2. Entry Point: A potential buy (long) entry could be placed slightly above the support level, around 108,800.
3. Take Profit (TP): Set the TP at recent resistance levels. If the upper resistance is around 109,600, you might target 109,500 for a safe TP.
4. Stop Loss (SL): Place the SL just below the support level, perhaps around 108,500 to minimize risk.
Proposed Trade Setup:
- Entry: 108,800
- Take Profit (TP): 109,500
- Stop Loss (SL): 108,500
Risk Management:
Always consider your risk tolerance and position size before entering any trades, and adjust SL and TP accordingly.
