Bitcoin Short Strategy Targeting 1% Gain at 119,600 Entry

I am considering a short position on Bitcoin with a limit order at 119,600. My target profit is 1%, and I plan to set a take profit at 118,400. This strategy involves shorting Bitcoin at a relatively high entry point with a clear exit plan to capitalize on a slight decline. Given the current Bitcoin price patterns, I believe that there might be a slight downward correction, which my short order aims to exploit. Setting a limit sell order at 119,600 allows me to enter the trade at my desired price, while the take profit at 118,400 provides a concise exit point for a modest profit. The 1% target indicates a conservative approach, aiming for a quick, low-risk gain. This trade setup suggests that I anticipate minimal downside movements and want to capitalize on short-term price volatility. Bitcoin's market often exhibits such small fluctuations, and placing a short at this level could be profitable if the price retraces, especially considering recent trend analysis and technical indicators. Overall, my plan is to execute this short position with tight risk management, ensuring that if Bitcoin moves against me, I can limit any potential losses. This approach aligns with my cautious outlook on the immediate short-term price movement of Bitcoin, leveraging the current resistance level around 119,600.