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!
