Bearish Bitcoin USD (BTCUSD) Short Setup with Targeted Exit Points

I am considering a short position on Bitcoin USD (BTCUSD) with an entry point at 118,640 and a stop loss set at 119,340. I plan to take profit at multiple levels, including 118,440, 118,140, and 117,640, as I expect the price to decline. This strategy reflects my bearish outlook on Bitcoin in the current market trend, anticipating that the rally might be exhausted or that resistance levels will hold. In evaluating this trade idea, I see that the entry is near the current resistance zone, and the stop loss is slightly above, which gives a reasonable risk-to-reward profile. The multiple take-profit targets suggest I am aiming to capitalize on a gradual downward move, possibly motivated by technical analysis signals or macroeconomic factors influencing Bitcoin's price. Given the volatile nature of cryptocurrencies, it’s crucial to continuously monitor the market sentiment, volume signals, and any upcoming news that could impact Bitcoin's price. The success of this short trade heavily relies on Bitcoin maintaining its inability to break through the resistance and continuing its downward trajectory. I recommend executing this short position only if the bearish signals confirm the downward momentum and the market environment remains conducive for a decline. Establishing proper risk management with the stop loss is essential to minimize potential losses if the price moves against the trade. Overall, my outlook remains bearish on Bitcoin in the near term, and I see this setup as an opportunity to profit from a potential price correction or pullback in BTCUSD.