The bitcoin exchange rate has updated the next psychological level of 6000 USD and retains a good potential for further growth, which can occur after another downward correction and accumulation of volume in a narrow side channel.
Over the weekend, an interesting study was published, which indicates that more and more institutional investors are interested in cryptocurrencies. The American asset management company Fidelity conducted an analysis, concluding that more than 22% of the surveyed institutional investors have already added crypto assets to their portfolio.
Signal to buy Bitcoin (BTC):
Trade moved to the new side channel 5850-6130. The task of buyers will be to hold the support of 5850, which can be accumulated a good amount to continue the upward trend. Returning to the middle of the channel 6000 will be a good signal for further opening of long positions, which will lead to a breakthrough of the maximum of 6130 and update of new levels in the area of 6240 and 6360, where I recommend fixing the profit.
Signal to sell Bitcoin (BTC):
Bears will try to keep the pair below the upper limit of the side channel of 6130, the break and consolidation below the lower limit of 5850 can lead to a larger downward correction in the area of the minimum of 5660, where I recommend fixing the profit. An unsuccessful consolidation and return under the middle of the channel 6000 will also be a signal to open short positions in Bitcoin.
