The breakthrough of important support led to a further downward correction of bitcoin in the area of the minimum of 7 550, where the demand for cryptocurrency resumed. As I noted yesterday, the first wave of the fall was associated with the expiration of futures contracts, while a further decline was formed by profit-taking speculative players.
Signal to buy Bitcoin (BTC):
Today, buyers need a return to the resistance of 8000, which will build a new wave of growth with the update of the maximum of 8460. In case of further decline, the demand for bitcoin may return to the support area of 7554, but it is best to open long positions immediately on the rebound from the minimum of 7260.
Signal to sell Bitcoin (BTC):
Bears need to keep bitcoin below the resistance of 8000, which will increase the pressure on the cryptocurrency and allow to re-update the support of 7554, which will lead to its breakdown and reduce bitcoin to the minimum area of 7260, where I recommend fixing the profit. In a growth scenario above 8000 USD, you can sell bitcoin on a rebound from a maximum of 8220.
