Bitcoin (BTCUSDT) Short Trade Setup: Key Levels and Targets
2024-10-02

This chart shows a short trade setup for Bitcoin (BTC/USDT) with clearly marked Entry, Stop Loss (SL), and multiple Take Profit (TP) levels by using the Risological swing trading indicator.

Here’s an analysis of the current situation:

 
 Entry: The short trade entry was triggered at 64354.7 USDT.
 Stop Loss (SL): The stop loss is placed at 65437.3 USDT, which is slightly above the resistance level to limit potential losses if the price reverses upward.
 Take Profit (TP) Levels:
 TP1: The first target is 63016.5 USDT.
 TP2: The second target is 60851.1 USDT, and the price has already hit this level.
 TP3: The third target is set at 58685.8 USDT.
 TP4: The final target is 57347.6 USDT.
 

 Current Price Action: 
After entry, Bitcoin has experienced a downward move as expected, already hitting TP2.
The market is showing some consolidation, which may indicate a temporary pause before continuing its downward momentum.

 Trade Management :
If the price breaks below TP2 again, the short trade could potentially hit TP3 and TP4, providing an opportunity for more significant gains.

If there’s a reversal, traders should be cautious and manage the trade accordingly, potentially moving the stop loss to breakeven to lock in profits.

This short setup appears to be progressing well, and if the bearish momentum continues, it may hit the lower take profit levels soon.