Bitcoin. Correction before a new movement upwards?

The Bitcoin exchange rate has returned to the first important support level, which can hit stop orders slightly lower and force speculators to take profits.

Vitas Vasiliauskas, a member of the board of the European Central Bank, said that states should consider the option of introducing and using national cryptocurrencies in the wholesale and retail trade. In his opinion, such a move will improve monetary policy and modernize its processes.

Signal to buy Bitcoin (BTC):

Despite the slight decline in Bitcoin, from a technical point of view, nothing has changed. The task of buyers is to hold the support level of 8480, as well as the breakthrough of the range of 8900, which will lead to the area of new highs of 9100 and 9300, where I recommend fixing the profit. Those who still believe in the correction and reduction of Bitcoin, you can wait for the update of the 8120 lows and open long positions from there.

Signal to sell Bitcoin (BTC):

The bears still managed to put pressure on Bitcoin and gradually returned it to the support area of 8480. Fixing below this level will lead to the demolition of a number of stop orders and reduce the cryptocurrency in the support area of 8120 and 7646, where I recommend fixing the profit. In the scenario of the next growth, it is best to return to short positions in Bitcoin with an unsuccessful breakout of the level of 8900 or a rebound from the highs of 9100 and 9300.

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