Just opened a short position in BTC, let's go to the facts:
We have a big resistance at ~7770 that we just failed breaking up
RSI is a little bearish
MACD is bearish
No significant chart pattern can be found right now
Market is looking too much manipulated this week
Being that said, this is a risky positioning. Money management is a must have.
Stop-loss: $ 7781
Entry: $ 7701
Profit: $ 7605
Money management
Volume: 5% of main capital
Risk: 1%
Reward: 1.25%
This is not a good R:R trade, if you managed to enter a little closer to the resistance, you will get a better chance. I entered at the price I mentioned. Do your own analysis!
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Current scenario of this position: SAR got bearish, RSI and MACD are still bearish too. I've slided the stop-loss a little down ($7729). Target still the same.
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Last hour candle closed in a candle pattern (doji) that shows indecison about price direction from now on.
Trade closed manually
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Even though price action was confirming my expectation, volume was too low, so I decided to close the position while there was profit to take yet. Position closed at $7660 with 0.5% profit.