Bitcoin. Bitcoin is expected to be adjusted downwards, but there is no reason to panic

Bitcoin exchange rate is expected to decline, as pointed out in my yesterday's review. However, buyers have nothing to worry about yet. Such a correction will even benefit them, the main thing is that the correction continues in a certain trading range.

Signal to buy Bitcoin (BTC):

Now, a new signal to buy will be the formation of a false breakout in the support area of 5400, and otherwise you can open long positions immediately on the rebound from the minimum of 5220. The main task of the bulls will be to return to the resistance of 5530, and then break and consolidate above 5660, which will resume the uptrend and lead to an update of the highs in the region of 5880 and 6000 USD, where I recommend fixing the profit.

Signal to sell Bitcoin (BTC):

The bears have coped with the task of returning to the level of 5520, and now their new goal is the range of 5400, the breakthrough of which will lead to a new downward corrective wave in the area of the minimum 5220, where I recommend fixing the profits. The formation of a false breakdown at the level of 5530 will also be a good signal to open short positions in Bitcoin. Otherwise, you can sell on the rebound from 5660.

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The material has been provided by InstaForex Company - www.instaforex.com