Bitcoin’s short-term momentum is intact.
* Bitcoin is expected to continue its expansion to the North ($9,000 is the closest target) despite a U.S. SEC rejected a Bitcoin exchange-traded fund ( ) proposal.
* Shortly before, Bitcoin hit a two-week high of around $8,700 and corrected to the $8,500 Support shortly afterwards.
* Despite the negative news from SEC, Bitcoin has not gone through a sell-off following the regulator’s decision.
* For the time being, Bulls are fully in charge of the market. The next impulse Up should unwind soon.
* A bit more correction - to $8,400 may follow, but we certainly deem that the Long entry level lies between $8,400 and $8,500.
Active trade signal
Buy @$8,400 - $8,500.
Nearest Target: $9,000.
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