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26.05.202212:17 Forex Analysis & Reviews: Trading tips for Bitcoin

Exchange Rates 26.05.2022 analysis

Bitcoin has been stuck in a flat trend for two weeks.

Exchange Rates 26.05.2022 analysis

Its lower limit is at 28600, and short impulses in the hourly chart show that the quote neared this level for about 4 times.

This scenario suggests that traders should take short positions in order to provoke a breakout and decline to much lower price levels.

Exchange Rates 26.05.2022 analysis

To be precise, considering that there is a three-wave pattern (ABC), where wave A represents the selling pressure last May 23, traders can open short positions from current prices up to the 50% retracement level. Set stop loss at $30,000 and take profit on the breakdown of 28600.

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

Good luck and have a nice day!

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Andrey Shevchenko,
Esperto analista di InstaForex
© 2007-2022
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