06.06.201908:19 Forex Analysis & Reviews: Bitcoin. Bitcoin exchange rate has stabilized after the fall, but this is not the end

Despite the fact that the bitcoin exchange rate has stabilized after a downward correction, most analysts expect its further downward correction. A number of indicators also confirm the preservation of short-term bearish momentum in the market. However, a larger decline will attract new investors who were waiting for the correction after the first growth of 4000, which will have a positive impact on a further upward trend.

Signal to buy Bitcoin (BTC):

From a technical point of view, nothing has changed. 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 7 260.

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.