So you create a sell stop order at a bid price of $16.50.
Let’s say you purchased XYZ crypto for $10 a few months ago. It’s currently trading at $20 per coin ($10 unrealized profit). Your goal is to make at least $5 per coin if the price were to drop. So you create a sell stop order at a bid price of $16.50. If XYZ reverses itself and starts to drop below the stop price of $16.50 it becomes a sell market order.