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While the bitcoin rate continues to gradually strengthen its position, and buyers are trying to cling to a new resistance level of 8190, the Brazilian authorities see the potential in blockchain technology.
As it became known yesterday, the Brazilian Government will consider a new bill that obliges all units of the local administration to promote blockchain technology. The proposed bill provides for the digital provision of public services in the field of public administration.
Signal to buy Bitcoin (BTC):
Buyers have already tested the resistance of 8190 and are now trying to gain a foothold on it. The breakthrough of this level will lead to the preservation of the upward trend with an update of the maximum of 8490 and 8790, where I recommend fixing the profit. In case of a failed breakdown of 8190 and a decline in the cryptocurrency, the support will be provided by the area of 7850, as well as a larger demand for bitcoin will be noticeable in the area of the minimum of 7460.
Signal to sell Bitcoin (BTC):
Bears need to re-form a false breakout in the resistance area of 8190, which will be the first signal to open short positions, but the main goal of sellers is the support of 7850. Consolidation below this range will increase the pressure on the cryptocurrency and lead to another test of the minimum of 7460, which will then push bitcoin to the area of 7260, where I recommend taking the profits. In the scenario of further growth, it is possible to sell bitcoin on a rebound from a maximum of 8480.
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