The bitcoin rate continued to be in the channel, but the scales tilted to the side of buyers, after a successful attempt to consolidate above the resistance of 7860.
Yesterday, the SEC Chairman announced the reasons for the delays in approving the ETF for bitcoin. The first of them is cryptocurrency storage services, or rather their absence. The second is market manipulation. Until a number of reliable measures are developed to eliminate any manipulation of the market, talk about the approval of ETF will be wrong.
Signal to buy Bitcoin (BTC):
Buyers got above 7860, which increases the demand for bitcoin and allows you to build a new wave of growth with the update of the maximum of 8190 and 8490, where I recommend taking the profit. In the case of a return to the support of 7860, the demand for bitcoin will be noticeable in the area of the minimum of 7460, subject to another false breakdown. However, you can open a long position immediately on the rebound the best from a minimum of 7260.
Signal to sell Bitcoin (BTC):
Bears urgently need to return to the resistance level of 7860, which will increase the pressure on the cryptocurrency and lead to another test of support for 7460. However, we can talk about the resumption of the bear market only after the breakthrough of 7460, which will push bitcoin to the lows in the region of 7260 and 6 820, where I recommend taking the profits. In the scenario of further growth, you can sell bitcoin on a rebound from a maximum of 8190 and 8480.
