FX.co ★ Trading idea for Bitcoin

The sharp decline yesterday ultimately ended the bullish trend in Bitcoin.

In fact, for the last two weeks, sellers have been taking out stops in the market, pushing buyers to 52,200-52,800.

Such actions formed a three-wave pattern (ABC) in Bitcoin, in which wave A represents the selling pressure yesterday.

Considering this, it is a good idea to open short positions, the target of which is to induce a 50% pullback from 56,000-56,500. Set stop loss at 58,000, and then take profit as soon as the quote hits 52,800.

This strategy follows the Price Action and Stop Hunting methods.

Good luck and have a good trading day!