BTC ON 1H TIME FRAME 
2024-11-17

### BTC Short Position Setup (Updated for Current Price)

#### Current Price Context:
Bitcoin's price is around **$90,933** as of today.

#### Short Setup Analysis:
1. **Resistance Levels**:
   - **Primary Resistance**: $92,500 - $93,000, acting as a supply zone from recent price rejections.
   - **Secondary Resistance**: $95,000, a psychological level with historical relevance.

2. **Support Levels**:
   - **Immediate Support**: $89,500 - $90,000, tested multiple times in recent sessions.
   - **Key Support**: $87,000, aligning with a significant Fibonacci retracement level.

#### Trade Plan:
- **Entry Point**: Initiate short positions between $92,000 and $92,500 if resistance is tested and momentum shows reversal.
- **Stop-Loss (SL)**: Place the SL above $95,200 to account for unexpected breakouts above the resistance.
- **Targets**:
   - **First Target (TP1)**: $89,000 for conservative profit-taking.
   - **Second Target (TP2)**: $87,000 for an extended move down to support.
   - **Final Target (TP3)**: $85,500 in case of strong bearish continuation.

#### Indicators & Confirmation:
- Watch for RSI divergence near resistance.
- Look for bearish candlestick patterns (e.g., engulfing or pin bars) around $92,500 on the 4-hour chart.
- Check for declining volume during upward moves, suggesting weakening momentum.

This setup assumes no major bullish news altering market sentiment. Use dynamic risk management and adjust targets based on evolving market conditions.