03.06.201910:05 Forex Analysis & Reviews: Bitcoin. Formation of the next channel for continued growth

Bitcoin exchange rate stabilized in the range of 8200 – 9000, and now the lateral channel is being formed for the continued growth of cryptocurrency. At the weekend, a rather interesting study was published from the Binance cryptocurrency exchange, which indicates that recently new institutional investors have come to the industry, due to which the current price of bitcoin is formed. The further inflow of large players to the market is expected.

Signal to buy Bitcoin (BTC):

Most likely, bitcoin will continue to consolidate in the side channel, therefore, support in the area of 8200 is considered a more acceptable level for buying. Fixing above the resistance of 8670 will also be a good signal to open long positions in the hope of breaking the maximum of the year in the area of 9000 and its renewal, with the resistance test of 9300 and 9540.

Signal to sell Bitcoin (BTC):

Sellers still need to try to break below the support of 8200, which will increase the pressure on speculative traders and force them to close long positions. This will lead bitcoin to the minimum area of 7640, where I recommend fixing the profit. In the scenario of cryptocurrency growth, a good signal to sell will be an unsuccessful consolidation above the resistance of 8 670.