23.05.201910:14 Forex Analysis & Reviews: Bitcoin. Bulls did not cope with the task, because of what the correction began

Bitcoin buyers failed to hold on to the achieved levels, as a result of which a number of long positions were closed and cryptocurrency decreased. However, this is nothing more than an extension of the side channel with a lower border in the area of 7260. Yesterday, it became known that Japan continues to move towards the development of the cryptocurrency industry. The Japanese regulator issued a statement saying that work is underway to consolidate the status of cryptocurrencies at the legislative level, as well as to update the legislative framework to strengthen the actions of local regulations in the field of cryptocurrency trading.

Signal to buy Bitcoin (BTC):

Bitcoin buyers need to return to the resistance level of 7640, which was missed yesterday. Only after that, it will be possible to argue again on the topic of updating the annual highs in the area of 8440 and 8700, where I recommend fixing the profit. The main goal is to test the psychological level of 9000 USD. In the scenario of further correction, there is a support level of 7 260, from which you can open long positions immediately on the rebound.

Signal to sell Bitcoin (BTC):

Bears have returned to the level of 7640, and their main task is to keep Bitcoin under this range. In case of an unsuccessful return on it, the pressure on the cryptocurrency will increase, which will lead to an update of the minimums of 7260 and 6820, where I recommend fixing the profits.