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11.05.202112:26 Ανάλυση και κριτικές Forex: Trading idea for Bitcoin

Exchange Rates 11.05.2021 analysis

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.

Exchange Rates 11.05.2021 analysis

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!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Andrey Shevchenko,
Analytical expert
InstaForex Group © 2007-2021
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