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13.05.202213:27 Forex Analysis & Reviews: Trading tips for Bitcoin

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Despite seeing sharp sell-offs in the crypto market yesterday, many traders used the opportunity to buy the dip, thereby resulting in Bitcoin trading above $29,000. Closing at this level this weekend will most likely lead to a false breakout in the weekly TF, with incredible upside potential.

Since Bitcoin formed a three-wave pattern (ABC), where wave A represents the buying pressure last 2020 and 2021, traders can consider long positions and work out the scenarios below:

1. Prompt a false breakdown in the weekly TF, below $25,000.

2. Bring wave "A" below $7,000.

Take profit on the breakdown of $70,000.

This plan, in general, is a medium-term investment and follows the Price Action and Stop Hunting strategies.

Good luck and have a nice day!

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