Yesterday's test of the level of 9000 USD led to profit-taking and a sharp depreciation of bitcoin to the support area of 8120, which I talked about all week. The bulls failed to break above the high of the year, but there is no need to panic. A good downward correction will only attract new cryptocurrency buyers to the market and will soon allow us to count on new local highs in the area of 10000 USD.
Signal to buy Bitcoin (BTC):
Buyers managed to keep Bitcoin in the support area of 8120, and the formation of a false breakdown on it will be a signal to open long positions in order to return and fix above the maximum of 8540. Under the breakdown scenario and further downward correction, which is more likely, the area of 7640 will be a good level for opening long positions.
Signal to sell Bitcoin (BTC):
Today, sellers need to try to break through the support of 8120, which will only increase the pressure on speculative traders and force them to close long positions. This will lead Bitcoin to an area of minimum 7640, where I recommend fixing the profits. In the scenario of cryptocurrency growth, a good signal to sell will be an unsuccessful consolidation above the resistance of 8540.
