Bitcoin Short Trade

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a pure TA price action strategy.

Buying volume is really dying off now and it is clearly overbought but there is room to run on the 1 hour RSI for a 'stop run'. Despite all the positive sentiment, bitcoin will retrace and the higher it goes without a sell off and profit taking the harder it will fall. The red lines is where the ladders for this trade would take place starting with the first at the immediate red line and stink bids at the weekly order block high with a stop at the weekly order block wick.

Ladders = $7654 - $7718
Stink Bids = $7718
Stop Loss = around $7779 but i would likely have it just above $7718 such as $7752 due to the presence of wicks in a leveraged market.
Target 1 = $7349 giving a 3.02 Risk (1.39%) to Reward (4.19%)

Target 2 = $6886 giving a 7.52 Risk (1.39) to Reward (10.23%)

This is my set up and i watch the price action developing on the lower time frames prior to entry if i am at my computer.

Risk management is key to surviving as a trader so high leverage on the first bid is strictly avoided - nothing is guaranteed and it is a game of probability if you cannot move a market. I am a scalper and I catch bottoms and tops all the time and I sell off a portion at the first signs of a bounce and add the amount removed back in order to lessen the risk of the trade.
Trade active: Trade live
Trade closed: target reached: Target 1 reached already


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