The Bitcoin rate returned to the level of 8000 USD, which maintains a further upward trend. Over the weekend, it was reported that a number of the world's largest banks have invested about $50 million in the creation of a payment system based on blockchain. If this is the case, then this is another very good news for the industry.
Signal to buy Bitcoin (BTC):
Bitcoin buyers face a level of 8100, the breakthrough of which will provide good demand and lead to new annual highs in the area of 8440 and 8700, where I recommend fixing the profits. Of course, the main goal will be to test the psychological level of 9000 USD. In a decline scenario, there is a support level of 7650, but it is best to open long positions immediately on a rebound from a minimum of 7250.
Signal to sell Bitcoin (BTC):
Bears should wait for the formation of a false breakdown in the resistance area of 8150, and it is best to try to return Bitcoin to the support level of 7650, from where the demolition of a number of stop orders will collapse the cryptocurrency rate to the area of minimums 7260 and 6820, where I recommend fixing the profit.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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