$BTC A long position should always have a stop-loss order to manage risk and limit potential losses. A stop-loss order is an order placed with your broker to buy or sell once the stock reaches a certain price. It helps in preventing significant losses if the market moves against your position.
For a long position in BTC/USDT, you could set the stop-loss slightly below the recent support level or a key technical level. For example, if the recent support level is around $67,500, you might place a stop-loss at $67,300 to give some room for market fluctuations.
Here’s a general strategy:
1. **Enter Long Position:** At the current price or a favorable entry point based on your analysis.
2. **Set Stop-Loss:** A bit below the nearest support level to limit potential losses.
3. **Set Take-Profit:** At a higher resistance level where you expect the price to face resistance, ensuring you lock in profits.
Always adjust these levels based on your risk tolerance and market conditions.
