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The bitcoin rate continues the downward correction after the update of the level of 13000 USD, but there is no serious reason for concern yet. Yesterday, during his speech, Fed Chairman Jerome Powell said that he considers bitcoin a means of saving, which in its structure is similar to gold. Although such statements do not affect the course, they are of great importance for the crypto community.
Signal to buy Bitcoin (BTC):
The technical picture remained unchanged.
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 11600, which will push the rate to larger levels in the area of 12200 and 13000 USD, where I recommend taking the profit.
Signal to sell Bitcoin (BTC):
Sellers will show themselves after updating the resistance of 11600 on a false breakout or on the test of a larger maximum of 12200, from which a new upper limit of the downward 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 minimum area of 10100, where I recommend fixing the profits.
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