Let's talk about low probability events. From the information observed on the current market, the drop from 695 to 652 should be a 1-hour level decline. However, just in case, we will set the stop loss at 667. This is the lower edge of the 1-hour center. We analyzed this in the previous article; if it breaks below this price level, then the implications of the market will be different, meaning the probability of the 1-hour center becoming a continuation of the decline is very high. So we'll first close our position at 667, and if it continues to rise afterwards, we can pause for a bottom formation or re-enter upon validating the formation. If it really turns into a 4-hour level decline, we can also avoid nearly a 3000-point drop and re-enter at the support below.
Please note, if this is a 4-hour level pullback, it means we are given another opportunity to take a long position for the long term. If your long position opening price is below 64000, my suggestion is to hold the position and set the stop loss at 64000.
$BTC