empty
 
 
23.05.2019 10:14 AM
Bitcoin. Bulls did not cope with the task, because of what the correction began

Bitcoin buyers failed to hold on to the achieved levels, as a result of which a number of long positions were closed and cryptocurrency decreased. However, this is nothing more than an extension of the side channel with a lower border in the area of 7260. Yesterday, it became known that Japan continues to move towards the development of the cryptocurrency industry. The Japanese regulator issued a statement saying that work is underway to consolidate the status of cryptocurrencies at the legislative level, as well as to update the legislative framework to strengthen the actions of local regulations in the field of cryptocurrency trading.

Signal to buy Bitcoin (BTC):

Bitcoin buyers need to return to the resistance level of 7640, which was missed yesterday. Only after that, it will be possible to argue again on the topic of updating the annual highs in the area of 8440 and 8700, where I recommend fixing the profit. The main goal is to test the psychological level of 9000 USD. In the scenario of further correction, there is a support level of 7 260, from which you can open long positions immediately on the rebound.

Signal to sell Bitcoin (BTC):

Bears have returned to the level of 7640, and their main task is to keep Bitcoin under this range. In case of an unsuccessful return on it, the pressure on the cryptocurrency will increase, which will lead to an update of the minimums of 7260 and 6820, where I recommend fixing the profits.

This image is no longer relevant

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback