The tested the strength of how serious was the growth from the level of 5000 and made sure that the demand for Bitcoin is high enough. Those who did not have time to go into the first wave of the upward movement tried to do it now, on a repeated test of support for 5000 USD.
Yesterday, the SEC and the CFTC issued a joint statement warning investors about fraudulent websites and projects that carry out an advisory, investment, and trading activities in the field of digital assets. This is not surprising, because the new wave of interest in Bitcoin, as before, creates new fraudulent schemes.
Signal to buy Bitcoin (BTC):
A good signal for the bulls was a sharp rebound of Bitcoin from the support of 5000 and a return to the level of 5370. While trading above this range, the option of fixing above the resistance of 5500 is not excluded, which will lead to another upward wave with an update of the maximum of 5660, where I recommend taking profit. With a decrease in bitcoin, you can look at the purchases from the support of 5200.
Signal to sell Bitcoin (BTC):
The bears did not have enough strength to keep Bitcoin below 5000. At the moment, the task is to return to the support of 5370, which can push the cryptocurrency to the minimum area of 5200 and 5050, where I recommend taking profit. An unsuccessful consolidation above 5500 will also be a signal to open short positions in the short term.
The material has been provided by InstaForex Company – www.instaforex.com