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

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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.

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

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.

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