BTC SHORT
Updated
The chart indicates a potential move where Bitcoin (BTC) is currently testing an area of interest around 60,715.9 USDT. The price is approaching a key resistance zone marked as MMSM, which could provide a selling opportunity if the price fails to break above it convincingly.
Trade Setup:
Stop Loss: Place a stop loss just above the 62,500 USDT level to protect against potential false breakouts above the resistance zone.
The initial target for this trade would be around the 55,940.7 USDT level, where there is an imbalance wick, which could serve as the first point of profit-taking. Further downside targets could be around the 48,889.4 USDT level, representing a more extended move.
Risk/Reward: This setup offers a favorable risk/reward ratio, as the downside potential outweighs the risk if the resistance level holds.
Additional Notes:
- If price breaks and holds above the 62,121.2 USDT level, reconsider the short idea as it would invalidate the current bearish setup/structure.
Trade Setup:
Stop Loss: Place a stop loss just above the 62,500 USDT level to protect against potential false breakouts above the resistance zone.
The initial target for this trade would be around the 55,940.7 USDT level, where there is an imbalance wick, which could serve as the first point of profit-taking. Further downside targets could be around the 48,889.4 USDT level, representing a more extended move.
Risk/Reward: This setup offers a favorable risk/reward ratio, as the downside potential outweighs the risk if the resistance level holds.
Additional Notes:
- If price breaks and holds above the 62,121.2 USDT level, reconsider the short idea as it would invalidate the current bearish setup/structure.
Trade closed manually
Manual Stop.
We expect the Keylevel to be raided.
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