FX.co ★ Trading idea for Bitcoin

The crypto market continues to plunge amid news that US President Joe Biden plans to discuss the role of cryptocurrencies in hacker attacks at the G7 summit. At the same time, reports say the US plans to strengthen BTC tracking, especially after it was able to recover the $ 2.3 million BTC that was paid to the Colonial Pipeline hackers.

Considering this, bullish traders can work out a false breakout below $ 29,000:

It can be done by following this plan:

After a false breakout, buyers can open long positions in Bitcoin to set off a rebound to previous levels. Such is in accordance with the framework of both Price Action and Stop Hunting strategies.

Good luck and have a nice trading day!