24.05.201909:14 Forex Analysis & Reviews: Bitcoin. Bulls returned to the desired levels

Bitcoin buyers managed to return to the level of 7650 yesterday, which is a good sign for the continuation of the upward trend. As for the further growth of Bitcoin, some experts tied it to the trade conflict between the US and China. In the scenario of further tightening of relations, the upward trend can be expected to continue, while the consensus reached on this issue may harm the upward trend. However, in my opinion, this is nothing more than a coincidence.

Signal to buy Bitcoin (BTC):

Bitcoin buyers face the level 8100 again, 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 profit. Of course, the main goal will be the test of the psychological mark of 9000 USD. In a decline scenario, there is a support level of 7650, but opening long positions immediately on the rebound is best 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.