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The bitcoin exchange rate fell from the level of 13000 and again returned to more convenient support in the area of 10500 – 11000 USD. The decline in the exchange rate indicates the weakness of buyers in the area of annual highs, which can lead to a larger downward correction of bitcoin in the near future.
Yesterday, it became known that the Turkish authorities can issue their own cryptocurrency. This is stated in the economic development plan of the country, where much attention is paid to the blockchain.
Signal to buy Bitcoin (BTC):
At the moment, it is best to consider new long positions on bitcoin after updating the support of 10800 or rebounding from a larger level of 10100. The main task of the bulls will be to return to the resistance of 11900, which will push the rate to larger levels in the area of 12500 and 13000 USD, where I recommend taking the profit.
Signal to sell Bitcoin (BTC):
Sellers will show themselves after updating the resistance of 11900 on a false breakout or on the test of a larger maximum of 12500, from which a new upper limit of the descending channel will be formed. The nearest goal of the bears will be the support of 10800, the breakthrough of which will provide bitcoin with a descent to the area of minimum 10100, where I recommend fixing the profits.
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