Bitcoin. The bulls were quick to take profits. Bitcoin exchange rate returned to the level of 7000 USD

No one seriously expected that Bitcoin without correction will get to 10000 USD, so the current decline is quite expected. To restart and resume growth, you need to stay in the area 7200 – 6800, which will lead to the return of new customers to the market.

Signal to buy Bitcoin (BTC):

Buyers are required to return and consolidate above 7200, that will necessarily lead to larger growth in the area of the resistance of 7600, where I recommend fixing the profits. Under a scenario of a further decline in Bitcoin, long positions are possible to return on the rebound from the low of 6800 and 6560.

Signal to sell Bitcoin (BTC):

Bears should wait for the recovery of Bitcoin in the resistance area of 7600 and sell from there, subject to the formation of a false breakdown. Sales immediately on the rebound will be more relevant in the area of the maximum of 8150. The main goal of sellers will be at least 6800, from which large buyers can declare themselves in the market.


The material has been provided by InstaForex Company -