The Bitcoin exchange rate is preparing for a new wave of growth, and it must be done in the near future, otherwise, the risk of a larger downward correction will increase significantly.
Signal to buy Bitcoin (BTC):
Bitcoin buyers face a level of 8100, the breakthrough of which will provide good demand and lead to new annual highs in the area of 8440 and 8700, where I recommend fixing the profit. Of course, the main goal will be the test of the psychological mark of 9000 USD. In the down scenario, there is a support level of 7650, but it is best to open long positions immediately on a rebound from a minimum of 7250.
Signal to sell Bitcoin (BTC):
Bears should wait for the formation of a false breakdown in the resistance area of 8150, and it is best to try to return Bitcoin to the support level of 7650, from where the demolition of a number of stop orders will collapse the cryptocurrency rate to the area of minimums 7260 and 6820, where I recommend fixing the profit.
The material has been provided by InstaForex Company – www.instaforex.com