Bitcoin market is getting ready for a long-term future trend, the focus is upon two levels of $8,400 and $7,870

There is bullish attempt to hold a round level of $8,000 in the middle of the week in the Bitcoin market. Yesterday, prices in the market reached a four-day low around $7,760 per coin on reports of a large-scale sale of $60 million on only one Bitfinex exchange. The news that the Attorney General of New York city is closely examining the main crypto-exchanges in the state is also negative news and may exacerbate the mood of the traders.

Nevertheless, the sharp gain in Bitcoin market from $7,873 to $8,160 this morning left the zone $7,800-$8,000 as a strong support level and indicates a strong mode of demand in the market. Bulls quickly repulsed the second attack in the last three days for the level the area of $8,000.

We wrote in previous reviews that the market pullback to the area mark $8,000 and the ability of bulls to hold this level will indicate a healthy trend of the uptrend market. After the bulls accumulate volume at these levels, we can wait for the continuation of the upward trend.

Most likely Bitcoin will test a local maximum in the region of $8,400 in the coming hours or sessions. The closing of a large volume above this level ($8,400 is the level of 38.2% of FIBO) will signal a long-term change in the bearish trend to the bullish sentiment.

On the other hand, $7,870 (today's low) is a key level, which also needs to be monitored. The inability of bulls to protect a key support level can lead to a pullback of up to $7,510 and a resumption of the downward trend.

FortFS