It is very obvious that the growth of bitcoin is a medium-term impulse. The probability that the exchange rate of the coin will grow in the medium term is high. But yesterday, the level of $50,000 per coin was reached, which may cause the formation of a corrective movement.
The opportunities for earning money on cryptocurrency are endless. Its high volatility allows you to get a good profit in a short time. The last growth, which was started in mid-July, allowed BITCOIN to grow by 70%.
Today, the instrument is trading near the level of $50,000. This may cause the formation of a corrective movement. To do this, it is necessary that the closing of trading in today's American session occurs below the opening of yesterday. This will indicate the appearance of a large number of purchase orders and will provide opportunities for obtaining favorable purchase prices in the future.
The above pattern, if implemented, will allow us to consider fixing long positions and selling BITCOIN. The target of the fall can be noted as a significant support level of August at $44,000. The resulting flat zone will be an excellent indicator for further movement.
To continue strengthening the BITCOIN exchange rate, it is enough that the closing of trading this week occurred above the $50,000 mark. This will allow us to continue holding purchases of the instrument until mid-September.The material has been provided by InstaForex Company - www.instaforex.com