Namaskar, LuckySevenTrader Community
#Bitcoin❗ has just broken out of an ascending channel pattern on the 15-minute timeframe, signaling a potential shorting opportunity for traders. The price action also faced a strong rejection from a key resistance level, which further validates the bearish setup.
Why This is a Good Short Position
The confluence of the breakout and resistance rejection suggests that Bitcoin might experience further downside movement in the short term. Traders looking to capitalize on this move should consider entering a short position on the BTC/USDT pair.
Trade Setup Details
Entry Point: After the breakout and rejection from resistance.
Risk-to-Reward Ratio: Aim for a risk-to-reward ratio of 1:5, which maximizes potential profit while maintaining disciplined risk management.
Stop Loss: Place a stop loss above the key resistance level to limit potential losses if Bitcoin reverses.
Take Profit: Set your take-profit target to align with the 1:5 risk-to-reward ratio, ensuring a strategic exit point.
This trade setup offers an attractive opportunity for short sellers to profit from Bitcoin’s price movement. Remember to monitor market conditions and adjust your strategy as needed. Good luck, and Thank me later!
#LuckySevenTrader #BinanceSquareFamily #chartpatterns
$BTC
