Bitcoin price plunge over 15% yesterday following El Salvador report confirming it will officially accept Bitcoin on national scale. Bitcoin was trading as high as 52,956 and then took a direct plunge from 51,000 to 43,000. Bitcoin managed to find strong buying interest at that level which push price to current 46,400 dollar level. Considering the drop in price is mainly a technical as some short term buyers took profit “selling the news” and locking some gains after a very bullish run. We Believe current price is a buying opportunity as bitcoin continue to be used on larger scale as we move forward.
Currently, traders can take advantage of this opportunity by buying at current price level 46,300 and look to lock some gains on a quick bounce to 48,119 price level. see chart below to better understand the trade.
