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27.04.202309:36 Forex Analysis & Reviews: Tips for trading Bitcoin

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 27.04.2023 analysis

Bitcoin lost $2,500 in just an hour during Wednesday's US session. Now, it is seeing a pullback, which is a good signal for short positions.

Exchange Rates 27.04.2023 analysis

The decline started around the area where there was a breakdown last April 16.

Exchange Rates 27.04.2023 analysis

This decline could be viewed as wave A of a three-wave pattern (ABC), which means that traders could enter the market today by selling from current prices up to the 50% retracement level. Set stop-loss at $30,000, and then exit by taking profit upon the breakdown of $26,900 and $26,500.

This trading idea is based on the "Price Action" and "Stop Hunting" methods.

Good luck and don't forget to control the risks! Have a nice day.

Andrey Shevchenko
Analytical expert of InstaForex
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